How the returns on Fixed Returns investments are calculated:
The return rate is an Annual Percentage Yield (APY). The calculation for APY is: (Principal x Time x Rate) / Days in a year. 364 days is our basis point for a year.
For example, in a case where someone locks $100 for 90 days which has a 4.5% APY/return rate, the returns are calculated this way: ($100 x 90 days x 4.5%) / 364.
That is (100 x 90 x 0.045) / 364 = $1.11.
We hope this helps.
You can read more about Bamboo Fixed Returns in this article.
*The Bamboo Fixed Returns product is only available on our Nigerian app at this time.