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Annual Percentage Yield

Annual Percentage Yield Definition

Annual Percentage Yield (APY) represents the interest rate paid on deposits by a financial institution. It is expressed as a percentage, and means the interest that an investor would receive on a $100 deposit. The rate is based on the annual interest rate and the frequency of compounding for a 365-day period. With the help of APY, offerings of various banks can be compared. Banks often use it when promoting financial products.
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