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The examples assume interest is withdrawn as it is earned and not allowed to compound. If one has $1000 invested for 30 days at a 7-day SEC yield of 5%, then: (0.05 × $1000 ) / 365 ~= $0.137 per day. Multiply by 30 days to yield $4.11 in interest. If one has $1000 invested for 1 year at a 7-day SEC yield of 2%, then:
comparison of financial day count convention used in Excel and OOXML; Interest Rate Instruments and Market Conventions Guide. A reference guide containing conventions and market standards for the most common financial instruments. Day Count Conventions, 2007. Web page on the history and context of day count conventions, including a cross-reference.
An overnight indexed swap (OIS) is an interest rate swap (IRS) over some given term, e.g. 10Y, where the periodic fixed payments are tied to a given fixed rate while the periodic floating payments are tied to a floating rate calculated from a daily compounded overnight rate over the floating coupon period.
Money market funds are considered to be low-risk investments that offer current income based on the prevailing level of interest rates. Money market funds aim to maintain a net asset value, or NAV ...
A money market account is a type of interest-bearing account that combines the strong rates of a high-yield savings account with the features of a checking account. MMAs offer rates of 4.5% APY or ...
This article provides the most up-to-date average money market account annual percentage yield, which is 0.49 percent, and insight as to why knowing the average money market account rate is important.
The standard broker valuation formula (incorporated in the Price function in Excel or any financial calculator, such as the HP10bII) confirms this; the main term calculates the actual (dirty price), which is the total cash exchanged, less a second term which represents the amount of accrued interest.
Here are a few places to start when comparing money market accounts for the best MMA rate: Vio Bank — 5.30% APY; $100 minimum deposit. UFB Direct — 5.25% APY; no minimum deposit.