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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