Hi,

What formula can I use to determine the Annual Percentage Yield (APY) for a
Certificate of Deposit. The interest rate is 5.10% anually with the
interest added back daily. The bank told me that the interest rate is 5.10%
and that would be 5.20% APY. How would they know what the APY would be?
Hope I'm making sense.
Thanks for the help,
Starlin