diff --git a/data/bookkeeping/block_test.go b/data/bookkeeping/block_test.go
index 14d75e437c..a60ca210c9 100644
--- a/data/bookkeeping/block_test.go
+++ b/data/bookkeeping/block_test.go
@@ -461,3 +461,65 @@ func TestInitialRewardsRateCalculation(t *testing.T) {
 	consensusParams.InitialRewardsRateCalculation = true
 	require.True(t, runTest())
 }
+
+func performRewardsRateCalculation(
+	t *testing.T, consensusParams config.ConsensusParams,
+	curRewardsState RewardsState,
+	incentivePoolBalance uint64, totalRewardUnits uint64, startingRound uint64) {
+	require.GreaterOrEqual(t, incentivePoolBalance, consensusParams.MinBalance)
+
+	for rnd := startingRound; rnd < startingRound+uint64(consensusParams.RewardsRateRefreshInterval)*3; rnd++ {
+		nextRewardState := curRewardsState.NextRewardsState(basics.Round(rnd), consensusParams, basics.MicroAlgos{Raw: incentivePoolBalance}, totalRewardUnits)
+		// adjust the incentive pool balance
+		var ot basics.OverflowTracker
+
+		// get number of rewards per unit
+		rewardsPerUnit := ot.Sub(nextRewardState.RewardsLevel, curRewardsState.RewardsLevel)
+		require.False(t, ot.Overflowed)
+
+		// subtract the total dispersed funds from the pool balance
+		incentivePoolBalance = ot.Sub(incentivePoolBalance, ot.Mul(totalRewardUnits, rewardsPerUnit))
+		require.False(t, ot.Overflowed)
+
+		require.GreaterOrEqual(t, incentivePoolBalance, consensusParams.MinBalance)
+		// prepare for the next iteration
+		curRewardsState = nextRewardState
+	}
+}
+
+// TestInitialRewardsRateCalculationRealValues performs a similar to test for initial rewards calculations but uses
+// real values taken from mainnet
+func TestInitialRewardsRateCalculationRealValues(t *testing.T) {
+	partitiontest.PartitionTest(t)
+
+	tests := []struct {
+		name                      string
+		rewardsRate               uint64
+		rewardsLevel              uint64
+		rewardsResidue            uint64
+		rewardsRecalculationRound basics.Round
+		incentivePoolBalance      uint64
+		totalRewardUnits          uint64
+		startingRound             uint64
+	}{
+		// Real values gathered from mainnet
+		{"1", 0, 215332, 0, 18500000, config.Consensus[protocol.ConsensusCurrentVersion].MinBalance, 6756334087, 18063999},
+		{"2", 24000000, 215332, 545321700, 18500000, 10464550021728, 6756334087, 18063999},
+		{"3", 24000000, 215332, 521321700, 18500000, 10464550021728, 6756334078, 18063998},
+		{"4", 24000000, 215332, 401321700, 18500000, 10464550021728, 6756334079, 18063994},
+	}
+	for _, test := range tests {
+		t.Run(test.name, func(t *testing.T) {
+			consensusParams := config.Consensus[protocol.ConsensusCurrentVersion]
+
+			curRewardsState := RewardsState{
+				RewardsLevel:              test.rewardsLevel,
+				RewardsResidue:            test.rewardsResidue,
+				RewardsRecalculationRound: test.rewardsRecalculationRound,
+				RewardsRate:               test.rewardsRate,
+			}
+
+			performRewardsRateCalculation(t, consensusParams, curRewardsState, test.incentivePoolBalance, test.totalRewardUnits, test.startingRound)
+		})
+	}
+}