How the APY is Calculated
Compound Interest Equation (Principal + Interest)
Where:
A = Total Accrued Amount (principal + interest)
P = Principal Amount
r = Rate of Interest per year in decimal; r = R/100
R = Rate of Interest per year as a percent; R = r * 100
t = Time Period involved in months or years
It should be noted that rate r and time t should be expressed in the same time units, such as months or years. Time conversions based on a 365-day year have 30.4167 days/month and 91.2501 days/quarter. There are 360 days in a year, with 30 days per month and 90 days per quarter.
Example 1:
If the user invests $1000 worth $C24 for a period of 1 year at 0.018% compounding every 10 minutes. He will have $12,846,157.26 C24 after his investment maturity
P = (Principle + Interest) = $1,000
A = (Total Accrued Amount) = $12,846,157.26
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