keeping in mind that the effective rate, is in effect the APY or Annual Percentage Yield,
[tex]\bf \qquad \qquad \textit{Annual Yield Formula}
\\\\
~~~~~~~~~\left(1+\frac{r}{n}\right)^{n}-1
\\\\
\begin{cases}
r=rate\to 5.9\%\to \frac{5.9}{100}\to &0.059\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{quarterly, thus four times}
\end{array}\to &4
\end{cases}
\\\\\\
\left(1+\frac{0.059}{4}\right)^{4}-1\implies (1.01475)^4-1 \approx 0.0603
\\\\\\
0.0603\cdot 100\implies \stackrel{\%}{6.03}[/tex]
