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The **bond equivalent yield (BEY)** is a metric that lets you calculate the annual percentage yield of fixed income securities, even if they pay out in different periods, e.g. monthly, quarterly, or 5 times a year as per your example.

In other words – **what is the equivalent annual % yield of this security**?

The way I think about it is – if you had this security for one year (renewing as necessary), how much profit would you make from it?

So it says in your question that 0.93% is compounding at 5 times a year. So to calculate the profit you’ll get over a year:

**Bond equivalent yield = 1.0093**^{5} = 1.047 = 4.7%