What is the difference between the dividend rates and APY for a certificate of deposit?

I'm having trouble understanding CD rates on my bank's webpage. For a 1 year CD, they have the following rates listed: Dividend rate: 5.40% Monthly APY: 5.54% Quarterly APY: 5.51% What is the difference between these rates? To make the math easy, say I had $100 invested in this CD. How much... show more I'm having trouble understanding CD rates on my bank's webpage.

For a 1 year CD, they have the following rates listed:
Dividend rate: 5.40%
Monthly APY: 5.54%
Quarterly APY: 5.51%

What is the difference between these rates? To make the math easy, say I had $100 invested in this CD. How much interest would I earn on that $100 in 1 month, in 3 months, and in 1 year? And, what formulas did you use to come up with these numbers?
Update: Both of the answers are pretty good -- but neither addressed the hypothetical situation above.

If I invested $100 (to keep the math easy) at these rates, would I have $105.40 in a year if i did not reinvest? Or would I be paid $5.40 every month?
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