You want to have $1 million to use for retirement in 25 years. If you can earn 1% per month, how much do you need to deposit on a monthly basis if the first payment is made today? a. $243.96 b. $363.96 c. $153.96 d. $450.96 e. $526.97 A bank account offers 6 percent interest per year, compounded monthly. What is the effective annual interest rate (EAR)? a. 8.65% b. 8.25% c. 6.17% d. 9.38% e. 9.00%