Question: excel 12-15. Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 10% interest compounded semiannually.

excel 12-15. Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 10% interest compounded semiannually. Four Rivers offers 8% interest compounded quar- terly. Melvin has $10,000 to invest. He expects to withdraw the money at the end of 4 years. Which bank gives Melvin the better deal? Check your answer. LU 12-1(3) My Moneyexcel 12-17. Lee Wills loaned Audrey Chin $16,000 to open Snip Its Hair Salon. After 6 years, Audrey will repay Lee with 8% interest compounded quarterly. How much will Lee receive at the end of 6 years? LU 12-1(2)excel 12-23. Tony Ring wants to attend Northeast College. He will need $60,000 4 years from today. Assume Tony's bank pays 12% interest compounded semiannually. What must Tony deposit today so he will have $60,000 in 4 years? LU 12-2(2)CHALLENGE PROBLEMS 12-31. Pete's Real Estate is currently valued at $65,000. Pete feels the value of his business will increase at a rate of 10% per year, compounded semiannually for the next 5 years. At a local fund-raiser, a competitor offered Pete $70,000 for the business. If he sells, Pete plans to invest the money at 6% compounded quarterly. What price should Pete ask? Verify your answer. LU 12-1(2), LU 12-2(2)

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