Question

A bank offered a money market account with an APY of 3.227​%.
​A) If interest is compounded​ monthly, what is the equivalent annual nominal​ rate?
​B) If you wish to have​ $10,000 in this account after 6 ​years, what equal deposit should
you make each​ month?

Answer 1

Step-by-step explanation:

A bank offered a money market account with an APY of 3.227%.

A) If interest is compounded monthly, what is the equivalent annual nominal rate?

B) If you wish to have $10,000 in this account after 6 years, what equal deposit should

you make each month?