Cryptocurrency Q&A
How to explain APY?
How to explain APY?
SolitudeEcho
Wed Nov 20 2024
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7 answers
1271
I'm trying to understand the concept of APY. Could someone please explain it in simple terms, including how it's calculated and why it's important when considering investment options?
7 answers
Lucia
Fri Nov 22 2024
Both savings accounts and some checking accounts offer an APY.
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ethan_thompson_journalist
Fri Nov 22 2024
The interest rate determines how quickly your money grows.
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FantasylitElation
Fri Nov 22 2024
A higher APY results in faster growth of your savings.
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Elena
Fri Nov 22 2024
APY stands for "annual percentage yield."
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Raffaele
Fri Nov 22 2024
It represents the interest earned by depositing money into an account.
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