What is the APY for 6.5% compounded daily

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08-10-2014
Mathematics

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What is the APY for 6.5% compounded daily

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nguyenruss nguyenruss · Answer 1 · 2014-10-08T22:56:12-04:00

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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