2007-03-20 11:21:16 · 5 answers · asked by Stacy N 1 in Business & Finance ➔ Personal Finance
It's the annual percentage yield, which is the effective interest rate, or actual return, that you receive on your money.
For example: if you deposit $1,000 for one year at a nominal rate of 5.000%, and interest is compounded daily, then the APY is 5.127%. The APY will only be the same as the nomimal rate when the return is simple interest and there is no compounding.
2007-03-20 11:34:47 · answer #1 · answered by Marko 6 · 0⤊ 0⤋
Annual Percentage Yield.
2007-03-20 18:30:22 · answer #2 · answered by Dianne G 1 · 0⤊ 0⤋
APY is the annual percentage yield.
2007-03-20 18:30:26 · answer #3 · answered by unpretentious 1 · 0⤊ 0⤋
It is what your account will earn in one year.
2007-03-23 16:59:14 · answer #4 · answered by Think Big 2 · 0⤊ 0⤋
intrest that you earn yearly
2007-03-20 18:24:06 · answer #5 · answered by ashlandtree 3 · 0⤊ 0⤋