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 $12,400 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? (Please use the following provided Table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Interest for Mystic? Interest for Four Rivers Bank? Which is the best deal?

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