I'm trying to do some analysis in Google Sheets which involves putting money in Marcus' High Yield savings account. For some reason, I can't seem to get my numbers to match the values from their savings calculator.
I'm using the value of interest rate to be 2.25%, compounded daily as mentioned here, and the principal being
$100 being deposited every month for a total period of 2 years.
As per their calculator, this results in an interest of
$507, whereas with the below formula, I'm getting
$549 as the interest using the formula below.
FV(2.25%/365, 365 * 2, -100/30, -10000, 0) - 10000 - 2400
Any idea what I'm doing wrong?