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Lane | If i put 10k in a 60 mos CD at 4.55 APY how much will i make? |
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nmr1022
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If your starting balance is $10,000 and you have a certificate of 4.55 Annual Percentage Yield you would earn $2494.83. |
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tyucikas16
 |
10000 * (1.0455)^60/12 = 12491.66
so it looks like you make $2491.66
caveat ! .. ASK ! ask if the yield compounds or if the "APY" means that you will make
5 * (0.0455) * 10000 = $2275.00
note the slight difference ... it's not really *clear* from your question what the methodology of interest calculation is.
That's a "wording / finance-terms fine-print question"
which has not been stated in its entirety |
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rhino9joe
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$10000 x (1.0455) ^ 5 = ???? I don't have a calc handy. ^ means exponentiation. |
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NotODD
 |
The second answer is the best ($12491.66). But in terms of unsolicited advice that everyone else is giving, be careful. Everyone's quick to think you can get better rates with funds, stocks, or whatever. Keep in mind each of those mean risk. After 5 years you will have nearly $12.5K. With mutual funds you could have between $5K and $30K depending on many factors. Another alternative with much lower risk is using High yield saving. This doesn't lock in an interest rate but you can get about 5% without locking up you money for any particular time period. I would consider that as well. If you do go with CD, consider only 1-2 years. |
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jquilt
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If you invest 10k times .0455=$455.00 per year times 5 years you will earn $2275.That is a negative investment when you take into account inflation and the cost of money, you will be losing money. I suggest no load mutual funds with Vanguard. Do not pay any commissions and get a balanced portfolio. You will be ahead of the game. |
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seafood10
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60 months cd...that is 5 yrs!! u sure u cant w/o $10k for the next 5 yrs? with 5 years mutual fund investment..u could earn more than a measly 4.55% return. |
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kingstreemessiah
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You might want to consider using that money in mutual funds. I would talk to someone and educate yourself on all the options available and the best one to fit your needs. Thats what I am doing anyways. |
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Josher
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Get a better CD yours is not paying a high enough APY right now. |
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