How to Calculate APY on a Bank Savings Account
Gather the necessary data.. Use the APY formula.. Apply the data and perform the calculation.
Steps
1
Gather the necessary data.
Gather the necessary data.
2
Use the APY formula.
Use the APY formula.
3
Apply the data and perform the calculation.
Apply the data and perform the calculation.
4
Interpret the result.
Interpret the result.
5
Try a different example.
Try a different example.
6
Interpret the new result.
Interpret the new result.
7
Collect information about your savings.
Collect information about your savings.
8
Use the alternate APY formula.
Use the alternate APY formula.
9
Insert the data and perform the calculation.
Insert the data and perform the calculation.
10
Search the Internet.
Search the Internet.
11
Enter the advertised percentage rate.
Enter the advertised percentage rate.
12
Enter the compounding frequency.
Enter the compounding frequency.
13
Press the button to "Calculate.
Press the button to "Calculate.
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