American Expresss online banking division offered a money market account with an APY of 2.243%. (A) If

Question:

American Express’s online banking division offered a money market account with an APY of 2.243%.

(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?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

College Mathematics For Business Economics Life Sciences And Social Sciences

ISBN: 9780321945518

13th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen

See More Books

Question Posted: Dec 09, 2023 08:52 PM

See More Questions

American Express's online banking division offered a money market account with an APY of 5.65%. (A) If interest is compounded monthly, what is the equivalent annual nominal rate? (B) If a company...
Compubank, an online banking service, offered a money market account with an APY of 1.551%. (A) If interest is compounded monthly, what is the equivalent annual nominal rate? (B) If you wish to have...
Marco facilities are located in a single warehouse and office building adjacent to a railroad siding and a major highway. Warehouse personnel simply unload rail deliveries with the forklifts and flat...
The top ten fiction books on The New York Times Best Sellers List on October 9, 2016, are listed. 1. The Girl on the Train 2. Home 3. The Kept Woman 4. Magic Binds 5. Commonwealth 6. The Light...
Determining sales and variable cost volume variances Required Use the information provided in Exercise 8-3B. a. Determine the sales and variable cost volume variances. b. Classify the variances as...
The adjusted trial balance and the income statement amounts from the August worksheet of Brian OBrion Dance Studio Company follow: Requirements 1. Prepare the classified balance sheet of Brian OBrion...
Figure P25.16 shows a 100-turn coil of wire of radius $12 \mathrm{~cm}$ in a $0.15 \mathrm{~T}$ magnetic field. The coil is rotated $90^{\circ}$ in $0.30 \mathrm{~s}$, ending up parallel to...
The normal range for a widely accepted measure of body size, the body mass index (BMI), ranges from 18.5 to 25. Using the mid-range BMI score of 21.75 as the null hypothesized value for the...
def average_grade(adict): """ Returns the average grade among all students. The dictionary adict has netids for keys and numbers 0-100 for values. These represent the grades that the students got on...
Construct the amortization schedule for a $1,000 debt that is to be amortized in four equal quarterly payments at 2.5% interest per quarter on the unpaid balance.
If an investment company pays 6% compounded semiannually, how much should you deposit now to have $10,000 (A) 5 years from now? (B) 10 years from now?
Answer true or false to each of the following. (a) i = -1 (b) i = -1 (c) i = -1 (d) -3=i3
In problem 11 , what is the marginal cost of 1 pound of food in Yucatan when the quantity produced is 150 pounds per day? What is special about the marginal cost of food in Yucatan? Problem 11...
What conditions must be met to hold a secondary party liable?
Roberta Lunt deposited a $625 nonlocal check payable to her with a teller at her bank at 10:30 a.m. on Monday. The next day, Tuesday, she went to the bank to withdraw $300 and was told by the teller...
a. Calculate Marcos opportunity cost of producing a cup of pesto sauce. b. Calculate Giorgias opportunity cost of producing a cup of pesto sauce. c. Who has a comparative advantage in producing pesto...
Whether they admit to it or not, all legal professionals will, from time to time, use the law for social engineering purposes. One example of this social engineering function is found in the doctrine...
Determine the break-even contribution margin ratio for a company with a fixed overhead of $92,000, revenues of $450,000, and a required level of profit of $45,000.
A statistical study shows that the fraction of television sets of a certain brand that are still in service after x years is given by f (x) = e-0.15x. (a) What fraction of the sets are still in...
A payday loan is a short-term loan that is repaid on the next payday, often by giving the lender electronic access to a personal checking account. Some states have statutes that regulate the fees...
A payday loan is a short-term loan that is repaid on the next payday, often by giving the lender electronic access to a personal checking account. Some states have statutes that regulate the fees...
A payday loan is a short-term loan that is repaid on the next payday, often by giving the lender electronic access to a personal checking account. Some states have statutes that regulate the fees...
describe what topic you intend to research for your project. What macroeconomic concepts from the previous weeks will you be using the gain a better understanding of the topic? These concepts may...
When Tony died on September 7th, he had received wages totalling $42,650 for work completed to August 31st. After his death, his estate was paid $10,020 which included severance of $8,000, $1,500 of...
your older brother is retiring from the military and will recieve 84,000 pper year until he dies, your brothers discount rate is 5% annual. if he retires the day he turns 44 and estimates he will...

American Expresss online banking division offered a money market account with an APY of 2.243%. (A) If

Question:

Step by Step Answer:

A To find the equivalent annual nominal rate we use the following formula APY 1 rnn 1 Where APY Annu...View the full answer

College Mathematics For Business Economics Life Sciences And Social Sciences

Students also viewed these Mathematics questions