American Express's online banking division offered a money market account with an APY of 2.242%....
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Accounting
American Express's online banking division offered a money market account with an APY of 2.242%.
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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