High Interest Investment

How to I calculate my Savings Account Interest Rate?

I just opened up a Savings Account with 5.16 interest rate and it's compounded daily. If I have an amount of 150.00 in my savings account, how much will I earn in interest a month?

Public Comments

1. Go to bankrate.com, they have a great savings calculator.
2. $.66
3. I assume 5.16% is APR. Since the interest rate coumpounded daily, you have to take 5.16 / 365 days. Take the answer (let say is y). $150.00 (your savings) x (1+y) ^ of 30 days in a month. * the sign " ^ " means power of 30th.
4. 5.16/365 x 30 = $0.66!!!