Cryptocurrency Q&A
How do I calculate my APY?
How do I calculate my APY?
Nicola
Mon Nov 18 2024
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6 answers
1748
I want to know how to calculate my APY. I'm looking for a step-by-step guide or formula that can help me determine this financial metric accurately.
6 answers
SumoPower
Wed Nov 20 2024
For instance, if you earned $30.00 in interest on a principal of $1,000, you would divide $30.00 by $1,001.
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Maria
Wed Nov 20 2024
To understand the APY formula, you begin by calculating the ratio of interest earned to the principal.
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mia_rose_painter
Tue Nov 19 2024
Now, you multiply the result from step 3, 1.030, by the result from step 4, which is 1.
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HanbokGlamourQueenElegance
Tue Nov 19 2024
This division results in 0.030. To this value, you add 1, yielding 1.031.
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CryptoTitaness
Tue Nov 19 2024
The next step involves dividing 365 by the number of days in the term.
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