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How to calculate the interest of time deposit?

The first interest is10000 * 3.15%/2 * 0.95 =149.625.

The second interest is (10000+149.625) * 3.15%/2 * 0.95 =151.864.

If you deposit it directly for one year, the interest is10000 * 3.15% * 0.95 = 299.25.

The interest on exchanging an inch for half a year is higher than that on direct deposit for one year.