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    Calculating average daily balance and APY

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    A depositor places $5,000 in a credit union deposit account for a full year but then withdraws $1,000 after 270 days. At the end of the year, the credit union pays her $300 in interest. What is this depositor's daily average balance and APY?

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    $5000 remains deposited for 270 days, Total of daily balance for 270 days=5000*270=$1,350,000

    $1000 ...

    Solution Summary

    The solution describes the steps to calculate average daily balance and APY.