Question
Annual percentage yield (APY) is 2.25% that is compounded daily. What is the total amount of...
Annual percentage yield (APY) is 2.25% that is compounded daily. What is the total amount of interest at the end of 5 years ?
Answers
Here in the question we are give Annual Percentage Yield (APY) that is compounded daily. We need to first calculate the Annaul Percentage Rate (APR) and then we can calculate the interst at the end of 5 years APR = n[(1+APY)1/n-1] Here n= No. of compounding periods = 365 APY = Annual Percentage Yield = 2.25% = .0225 APR = 365[(1+0.0225)1/365--1] APR = 365[(1.0225)1/365--1] APR = 365[1.0000610-1] APR = 365*0.0000610 APR = 0.022251 APR or say 2.2251% Interest amount for 5 Years Interest = P[(1+APR)n]-P
nHere P = Principal Amount (Assuming $ 1 here) n= compounding periods = 365 days APR = Annual Percentage Rate = 2.2251% = .02251 t = Time (No. of compounding periods = 365 days*5 years = 1825 days Interest = P[(1+APR)t] -P
n= 1[(1+0.02251)182]-1
365= 1[(1+0.02251)1825]-1
365= 1[(1.000060962)1825]-1 = 1.1177-1 = $0.1177
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