Question: 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

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 quarterly. Melvin has $11,000 to invest. He expects to withdraw the money at the end of 7 years. Calculate interest for each bank and identify which bank gives Melvin the better deal? (Use the Table provided.) (Do not round intermediate calculations. Round your answers to the nearest cent.) Interest Mystic Four Rivers Better deal Future value interest factor of $1 per period at i% for n periods, 1.0% 2.0% 1.5% 1.0100 1.0150 1.0200 1.0201 1.0302 1.0404 2.5% 3.0% 1.0250 1.0300 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 1.0350 1.0400 1.0450 1.0500 1.0550 1.0600 1.0650 7.0% 1.0700 7.5% 1.0 1.0506 1.0609 1.0712 1.0816 1.0303 1.0457 1.0612 1.0769 1.0927 1.1087 1.1249 1.0406 1.0614 1.0824 1.1038 1.1255 1.1475 1.1699 1.1025 1.1130 1.0920 1.1576 1.1412 1.2155 1.1925 1.1236 1.1342 1.1449 1.1 1.1742 1.1910 1.2079 1.2250 12 1.2388 1.2625 1.2865 1.3108 1.3 1.0510 1.0773 1.1041 1.1314 1.1593 1.1877 1.2167 1.2462 1.2763 1.3070 1.3382 1.3701 1.4026 1.4 1.0615 1.0934 1.1262 1.1597 1.1941 1.2293 1.2653 1.3023 1.3401 1.3788 1.4185 1.4591 1.5007 1. 1.0721 1.1098 1.1487 1.1887 1.2299 1.2723 1.3159 1.3609 1.4071 1.4547 1.5036 1.5540 1.6058 1 1.0829 1.1265 1.1717 1.2184 1.2668 1.3168 1.3686 1.4221 1.4775 1.5347 1.5938 1.6550 1.7182 1.0937 1.1434 1.1951 1.2489. 1.3048 1.3629 1.4233 1.4861 1.5513 1.6191 1.1046 1.1605 1.2190 1.2801 1.3439 1.4106 1.4802 1.5530 1.6289 1.6895 1.7081 1.7908 1.8771 1.7626 1.8385 1.9672 1.1157 1.1779 1.2434 1.3121 1.3842 1.4600 1.5395 1.6229 1.7103 1.8021 1.8983 1.9992 2.1049 1.1268 1.1956 1.2682 1.3449 1.4258 1.5111 1.6010 1.6959 1.7959 1.9012 2.0122 2.1291 2.2522 1.1381 1.2136 1.2936 1.3785 1.4685 1.5640 1.6651 1.7722 1.8856 2.0058 2.1329 2.2675 2.4098 1.1495 1.2318 1.3195 1.4130 1.5126 1.6187 1.7317 1.8519 1.9799 2.1161 2.2609 2.4149 2.5785 1.1610 1.2502 1.3459 1.4483 1.5580 1.6753 1.8009 1.9353 2.0789 2.2325 2.3966 2.5718 2.7590 1.1726 1.2690 1.3728 1.4845 1.6047 1.7340 1.8730 2.0224 2.1829 2.3553 2.5404 2.7390 2.9522 1.1843 1.2880 1.4002 1.5216 1.6528 1.7947 1.9479 2.1134 2.2920 2.4848 2.6928 2.9170 3.1588 .1961 1.3073 1.4282 1.5597 1.7024 1.8575 2.0258 2.4066 2.2085 2.6215 2.8543 3.1067 3.3799 2081 1.3270 1.4568 1.5987 1.7535 1.9225 2.1068 2.3079 2.5270 2.7656 3.0256 3,3086 3.6165 2202 1.3469 1.4859 1.6386 1.8061 1.9898 2.1911 2.4117 2.6533 2.9178 3.2071 3.5236 3.8697 2324 1.3671 1.5157 1.6796 1.8603 2.0594 2.2788 2.5202 2.7860 3.0782 3.3996 3.7527 2447 1.3876 1.5460 1.7216 1.9161 2.1315 2.3699 2.6337 2.9253 3.2475 2572 1.4084 1.5769 1.7646 1.9736 2.2061 2.4647 2.7522 3.0715 3.6035 3.4262 3.8197 4.1406 3.9966 4.4304 4.2564 4.7405 2697 1.4295 1.6084 1.8087 2.0328 2.2833 2.5633 2.8760 3.2251 3.6146 4.0489 4.5331 5.0724 2824 1.4509 1.6406 1.8539 2.0938 2.3632 2.6658 3.0054 3.3864 3.8134 4.2919 4.8277 5.4274 2953 1.4727 1.6734 1,9003 2.1566 2.4460 2.7725 3.1407 3.5557 4.0231 3082 1.4948 1.7069 1.9478 2.2213 2.5316 2.8834 3.2820 3.7335 4.2444 4.5494 5.1415 4.8223 5.4757 5.8074 6.2139

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