American Express's online banking division offered a money market account with an APY of 5.65%. (A) If
Question:
(A) If interest is compounded monthly, what is the equivalent annual nominal rate?
(B) If a company wishes to have $1,000,000 in this account after 8 years, what equal deposit should be made each month?
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Related Book For 
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
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