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Understanding APY and Its Significance

Annual Percentage Yield (APY) is a crucial metric for evaluating the potential earnings from your savings or investment accounts. It reflects the real rate of return on your investment by considering the effect of compounding interest over a year. Unlike simple interest, which is calculated only on the principal amount, APY takes into account how interest earned in one period can earn additional interest in subsequent periods. This compounding effect can significantly enhance the growth of your savings, making it a vital factor to consider when comparing financial products.