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Compounded & Simple Interest

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Hi everyone,
HSBC has an Advanced account which gives a customer access to a Regular Saver allowing savings of up to £250 per month for 12 months at 2.75% AER.

On the website, it explains the savings/interest as follows, 'For example, if you saved £250 every month for 12 months a total of £3000 will be paid in to your account during the 12 month term. At 2.75%, you'd earn approximately £44 in interest (gross). This shows you what the gross rate would be if interest were paid and compounded each year. All credit interest will be paid gross. Gross is the rate of interest if interest were paid and not compounded each year.'
I am struggling to understand how this is calculated. Is this Simple Interest and shouldn't it be calculated P/principal amount X r/annual interest rate X n/term of loan in years. 
So, £3,000 X 2.75% X 1 = £82.50

If anyone can explain how the £44 in interest is calculated, I will be grateful. Many thanks in advance. 


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