Question 1157592
The formula for calculating APY is {{{APY=(1+r/n)^n-1}}}, with r being the interest rate and n being the number of times the money is compounded per year. Plugging in 0.058 for r and 2 for n gives {{{(1+0.058/2)^2-1=(1.029)^2-1=0.058841}}}. The APY is 5.88%.