# Calculating APY for CD

## Calculating APY for CD

What formula can I use to determine the Annual Percentage Yield (APY) for a

Certificate of Deposit. The interest rate is 5.10% annually 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.

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