The spelling of the word "peay" might cause confusion since it is not a commonly used word, and its pronunciation may not be apparent. However, "peay" can be transcribed in IPA as /pɛɪ/. This means that it is pronounced with the "p" sound, followed by the "ay" diphthong, similar to the way "pay" is pronounced. It might be helpful to remember that the "ea" combination in this word is pronounced as a single sound, rather than as separate letters.