Lizzard Lizzard

08-10-2014
Mathematics

Answered

What is the APY for 6.5% compounded daily

Answer :

nguyenruss nguyenruss

08-10-2014

APY = (1 + r/n)^n - 1

r = interest rate
n= number of times compounded

APY = (1 +0.065/365)^365 - 1

= 6.715%

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