how to calculate apy for a savings accounts. if i have 1,000.58 , 4.5 % apy , after 30 days, what it give?

Question

which is the formula to calculate apy % annual percent rate. if i have 1,000.58 in a saving accounts with 4.5 % apy , after 30 days, when it is supose they paid me interest, how much money will i have?

Answer 1

Depends on how it is compounded. IF weekly, then (4.5/52X 1,000.58)+ 1,000.58 is the money after one week. The second week, will be 4.5/52 X the new amount + the new amount, and so on.
It is important, when saving to pick both the highest interest and the MOST compounding. Good luck.

Answer 2

You take the interest rate and divide it by the number of periods in the compounding cycle (if compounding monthly, divide by 12. If compounding weekly, divide by 52. If compounding quarterly, divide by 4). Take that number and multiply by the amount being compounded and then add the amount being compounded to the previous figure (or at a 1 and then multiply).

Example: $1,000.58 at 4.5% APY say compounded monthly. So you take 4.5% (which is 0.045) and divide by 12 to get 0.00375. Multiply $1,000.58 by 0.00375 to get $3.75. Then add $3.75 to $1,000.58 to get $1,004.33.

Or a faster way is to take the 0.00375 and add 1 to it to get 1.00375. Then multiply 1.00375 by $1,000.58 to get $1,004.33.

Answer 3

1004.28