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Interest rate of 1% compounded yearly, APY = 1%. Interest rate of 0.7% compounded quarterly, APY = 0.702%. Interest rate of 0.5% compounded daily, APY = …
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In an account that pays compound interest, such as a standard savings account, the return gets added to the original principal at the end of every compounding period, typically daily or monthly.
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APY calculator: Determining annual percentage yield. When you earn interest in a bank account, that money starts to earn interest as well. This is known as compounding. The higher the interest ...
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