Date: Fri, 26 Oct 2001 15:03:47 -0400 From: Jonathan Kamens To: cgaffney@pfsb.com Subject: Incorrect interest calculation for June 2001 25 Foster Street Brighton, MA 02135-2616 October 26, 2001 Charles Gaffney Peoples Federal Savings Bank Dear Mr. Gaffney, I received today your letter dated October 24, in which you described the algorithm used by Peoples Federal Savings Bank to calculate interest and gave an example of that algorithm using the daily balances in my checking account for the month of September. Using your description, I was able to easily construct a spreadsheet which duplicate the results shown in your spreadsheet for the month of September. However, when I used the same spreadsheet with the same algorithm to calculate what interest I should have received on my money market account for June 2001, my results were less clear. As shown in the attached spreadsheet, I believe I should have received an interest payment of $16.81 on July 2. Instead, I received $17.04. I wonder if you can explain this inconsistency. Thank you for your time. Sincerely, Jonathan Kamens