Question: Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 16% interest compounded semiannually. Four Rivers


Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 16% interest compounded semiannually. Four Rivers offers 12% interest compounded quarterly. Melvin has $10,500 to invest. He expects to withdraw the money at the end 9 years. Calculate interest for each bank and identify which bank gives Melvin the better deal? (Use the Table provided.) Note: Do not round Intermediate calculations. Round your answers to the nearest cent. Future value interest factor of $1 per period at i% for n periods, FVIF (i,n)
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