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

Melvin Indecision has difficulty deciding whether to put his savings in

Mystic Bank or Four Rivers Bank. Mystic offers 12% interest compounded semiannually.

Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 12% interest compounded semiannually. Four Rivers offers 8% interest compounded quarterly. Melvin has $10,300 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.) Mystic Four Rivers Better deal Interest Future value interest factor of $1 per period at i% for n periods, FVIF (i,n). 1.0450 1.0900 1.8876 23818 Period 0.5% 1.09 1.5% 2.0% 2.5% 3.0% 1 1.0050 1.0100 10150 1.0200 1.0250 1.0300 2 1.0100 1.0201 1.0302 1.0404 1.0506 1.0609 3 1.0151 1.0303 1.0457 1.0612 1.0769 1.0927 4 1.0202 1.0406 1.0614 1.0824 1.1038 1.1255 5 1.0253 1.0510 1.0773 1.1041 1.1314 1.1593 6 1.0304 1.0615 1.0934 1.1262 1.1597 1.1941 7 1.0355 1.0721 1.1098 1.1487 1.1887 1.2299 8 1.04071.0829 1.1265 1.1717 1.2184 1.2668 9 1.0459 1.0937 1.1434 1.1951 1.2489 1.3048 10 1.0511 1.1046 1.1605 1.2190 1.2801 1.3439 11 1.0564 1.11571.1779 1.2434 1.3121 1.3842 12 1.0617 1.1268 1.1956 1.2682 13449 1.4258 13 1.0670 1.1381 1.2136 1.2936 1.3785 1.4685 14 1.0723 1.1495 1 2318 1.3195 1.4130 1.5126 15 1.07771.1610 1.2502 1.3459 1.4483 1.5580 16 1.0831 1.1726 1.2690 1.3728 1.4845 1.6047 17 1.0885 1.1843 12880 4002 1.5216 1.6528 18 1.0939 1.1961 1.3073 1.4282 1.5597 1.7024 19 1.0994 1 2081 1.3270 1.4568 1.5987 1.7535 20 1.1049 1.22021.3469 1.4859 1.6386 1.8061 21 1.1104 1.2324 1.3671 1.5157 1.6796 1.8603 22 1.11601.24471.3876 1.5460 1.7216 1.9161 23 1.1216 1.2572 1.4084 1.5769 1.7646 1.9736 24 1.1272 1.2697 1.4295 1.6084 1.8087 2.0328 25 1.1328 1.2824 1.4509 1.6406 1.8539 2.0938 26 1.1385 1.2953 1.4727 16734 1.9003 2.1566 1.14421.3082 1.4948 1.7069 1.9478 2.2213 28 1.1499 1.3213 1.5172 1.7410 1.9965 22879 29 1.1556 13345 1.5400 1.7758 30 1.1614 1.3478 15631 18114 20976 2.4273 31 1.1672 1.3613 1.5865 1.8476 2. 1500 25001 32 1.1730 1.3749 16103 1.8845 22038 25751 23 1.1789 1.3887 1.6345 1.9222 22589 24 1.4026 1.6590 23153 2.7319 7340 20 35 71007 1.1907 1.4166 1.6839 4166 16220 10000 1.9999 2.3732 2.8139 36 1.1967 4308 1.7091 2.0399 E7240 24325 2.8983 37 1 2027 4451 1.7348 2.0807 25 2.4933 2.9852 2007 ace 38 1.2007 4595 780 1.7608 2.12222 25557 3.0748 39 1.2147 1.4741 1.7872 2.1647 2.6196 3.1670 40 1.2208 4889 1.8140 2 2089 26851 3.2620 41 1.2269 1.5038 1 8412 2.2522 2.7522 3.3599 42 1.2330 1.5188 8688 2 2972 2.8210 3.4607 43 2392 1.5340 1.8969 23432 28915 3.5645 44 2454 1.5493 9253 2 3901 2.9638 3.6715 The 1.5648 4 1.2516 704 1.9542 24379 3.7816 3.0379 BODE 1.5805 1.2579 46 9835 2.4866 Doc 3.1139 47 1.2542 1.5963 2.0133 25363 3.1917 48 1.2705 1.6122 2.0435 25871 49 1.2768 1.6283 20741 26388 3 3533 42562 50 1 2832 1.6446 2.1052 26916 34371 43839 5.09 1.0500 1.1025 1.1576 1.2155 1.2763 1.3401 1.4071 1.4775 1.5513 1.6289 1.7103 1.7959 1.8856 1.9799 2.0789 2.1829 2.2920 2.4066 2.5270 2.6533 2.7860 2.9253 3.0715 3.2251 3.3864 3.5% 4.0% 4.5% 1.0350 1.0400 1.0712 1.0816 1.0920 1.1087 1.1249 1.1412 1.1475 1.1699 1.1925 1.1877 1.2167 1.2462 1.2293 12653 1.3023 1.2723 1.3159 1.3609 1.3168 1.3686 1.4221 1.3629 1.4233 1.4861 1.4106 1.4802 1.5530 1.4600 1.5395 1.6229 1.5111 1.6010 1.6959 1.5640 1.6651 1.7722 1.6187 1.7317 1.8519 1.6753 1.8009 1.9353 1.7340 1.8730 2.0224 1.7947 1.9479 2.1134 1.8575 2.0258 2 2085 1.9225 2.1068 2.3079 1.9898 2.1911 2.4117 2.0594 2.2788 2.5202 2.1315 2.3699 2.6337 22061 2.4647 2.7522 2.2833 2.5633 2.8760 23632 2.6658 3.0054 2.4460 2.7725 3.1407 2.5316 28834 3.2820 29987 3.4297 2.7119 3. 1187 3.5840 28068 3.2434 3.7453 2.9050 3.3731 3.0067 3.5081 4.0900 400 24 2 3.1119 3.6484 4.2740 . 3.2209 3.7943 4.4664 3.3336 3.9461 4.6673 3.4503 4.1039 4.8774 3.5710 4.2681 2200 5.0969 3.6960 4.4388 5.3262 3.8254 4.6164 5.5659 3.9593 4.8010 58164 4.0978 4.9931 6,0781 42413 5. 1928 4.3897 5.4005 6.6374 45433 5,6165 6.9361 4.7024 5.8412 72482 48669 7.5744 5.0373 6.3178 52136 6,5705 8.2715 5.3961 6.8333 8.6437 5.58497 1067 9.0326 6.6586 5.5% 1,0550 1.1130 1.1742 1.2388 1.3070 1.3788 1.4547 1.5347 1.6191 1.7081 1.8021 1.9012 2.0058 2.1161 2.2325 2.3553 2.4848 2.6215 2.7656 2.9178 3.0782 3.2475 3.4262 3.6146 3.8134 4.0231 4.2444 6.0% 6.5% 7.0% 75% 8.0% 8.5% 1.0600 1.0650 9.0% 1.0700 9.5% 10.09 1.0750 1.0800 1.0850 1.1236 1.1342 1.1449 1.1556 1.0950 1.1000 1.1664 1.1772 1.1910 1.2079 1.1881 12250 1.2423 1.1990 1.2100 1.2597 1.2773 1.2625 1.2865 12950 1.3108 13129 1.3355 1.3310 1.3605 1.3859 1.4116 1,3382 1.3701 1.4026 1.4377 1.4641 1.4356 1.4693 1.5037 1.4185 1.4591 1.5386 1.5742 1.5007 1.6105 1.5433 1.5869 1.6315 1.5036 1.5540 1.6771 1.6058 1.7238 1.6590 1.7716 1.7138 1.7701 1.5938 1.8280 1.6550 1.7182 1.7835 1.9487 1.8509 1.9206 1.6895 1.9926 1.7626 1.8385 2.0669 2.1436 1.9172 1.9990 2.0839 2.1719 1.7908 1.8771 2.2632 1.9672 2.0610 23579 2.1589 22610 2.3674 1.8983 1.9992 24782 2.1049 2 5937 22156 2.3316 2.4532 20122 25804 2.129 27137 22522 2.8531 2.5182 26617 2.1329 2.2675 28127 29715 2.4098 3.1384 2.5604 2.7196 2.8879 3.0658 2.2609 3.4522 32537 24149 2.5785 2.7524 2.9372 3.1334 3.3417 3.5629 3.7975 2.3966 2.5718 2.7590 2.9589 3.1722 3.3997 3.6425 3.9013 4.1772 2.5404 2.7390 2.9522 3.1808 3.4259 3.6887 3.9703 4.2719 45950 2.6928 2.9170 3.1588 3.4194 3.7000 4.0023 4.3276 4.6778 5.0545 2.8543 3.1067 3.3799 3.6758 3.9960 4.3425 4.7171 5.1222 55599 3.0256 3.3086 3.6165 3.9515 4.3157 4.7116 1242 5.1417 3999 5.6088 3.2071 3.5236 3.8697 4.2479 6.1159 4.6610 5.1120 5.6044 6.1416 3.3996 3.7527 4.1406 20 4.5664 6.7275 1910 5.0338 5.5466 6.1088 wa 6.7251 7.4002 3.6035 3.9966 4.4304 4.9089 5.4365 1.4002 6.0180 3,8197 7.3639 4.2564 4.7405 5.2771 8.1403 5.8715 6.5296 72579 4,0489 4.5331 8.9543 8.0635 5,0724 6.3412 7.0846 7.9111 8296 98497 4.2919 4.8277 5.4274 6.0983 6.8485 7.6868 od end 8.6231 6684 10 8347 4.5494 5.1415 5.8074 7.3964 8.3401 9.3992 10 5869 4.8223 11.9182 22 5.4757 6.2139 . 17.0474 7.9881 02 9.0490 10.2451 BBWOO 11 5926 5.1117 13.1100 5.8316 ** 6.6488 21 7/5759 8.6271 9.8182 11.1671 126939 14.4210 5.4184 6.2107 7.1143 1441 9.3173 10.6528 121722 13.8998 15.8631 5.7435 6.6144 7.6123 8.7550 10.0627 11.5583 13.2677 15 2203 17.4494 6.0881 7.0443 8.1451 9.4116 CA 10.8677 125407 14.4618 16.6662 19.1943 6.4534 7.5022 8.7153 10.1174 11.7371 13.6067 15.7633 18.2495 1138 6.8406 1.9898 9.3253 10.8763 12.6760 14.7632 17.1820 19.9832 2252 72510 5092 . 9.9781 11.6920 13.6901 16.0181 18.7284 21 8816 5.5477 7.6861 9.0623 10.6766 12.5689 14.7853 17.3796 20.4140 23.9604 28.1024 8.1473 9.6513 11.4239 13.5115 15.9682 18.8569 22 2512 26 2366 30.9127 8.6361 10.2786 12.2236 14.5249 17 2456 P10 20.4597 24 2538 28.7291 34.0039 9.1543 10.9467 13.0793 15.6143 18.6253 22.1988 26.4367 31.4584 374043 9.7035 11.6583 13.9948 WA 16.7853 20.1153 24.0857 28.8160 41.1448 10.2857 12.4161 14.9745 18.0442 21.7245 31.4094 10 45 2593 We 10.9029 13.2231 16.0227 10 2095 19.3976 34 2363 one 11.5570 14.0826 17.1443 30.7644 37.3175 45 2265 547637 12 2505 14.9980 22.4163 40.6761 49.5230 60 2401 12 OREE 12.9855 150700 15.9729 19.6285 24.0975 29.5560 36 2167 44. 3370 542277 66.2641 13.7646 170111 170111 210025 25.9048 39.2951 59 3793 30.5 72 8905 14.5905 18.1168 22.4726 27 8477 34 4741 34 428352 52.6787 85.0204 80. 1795 15.4659 19 2944 24 0457 0457 29.9363 372320 46.2592 57 4176 71 1973 88.1975 20.5485 25.7289 32. 1815 402106 50. 1912 52 5852 77.9611 97 0172 173775 21.8842 27.5299 34.5951 43.4274 54.4574 68 2179 85.3674 106.7190 18.4202 23 3067 29 4570 37.1897 46.9018 59.0853 74.3575 934773 117 3909 5.6729 3.5557 26202 3.7335 3.9201 4.1161 4.4778 20454 23566 1.1848 1.9607 4.5380 4.7649 5.0032 5.2533 5,5160 5.7918 6.0814 6.3855 . 6.7048 70400 7.3920 7.7616 8.1497 8.5572 4.7241 47944 4.9840 5.2581 5.5473 OCA 5.8524 6.1742 6.5138 6.8721 7.2501 7.6488 8.0699 8.5133 8.9815 9.4755 34 4459 26. 1330 28.3543 37.7194 41.3027 49.7852 6.3516 20.8524 23.4625 25,3395 27.3666 18.3444 33.3794 11.1266 31.9204 48.3273 3.8950 4.0119 4 1323 7.9153 3.2715 9.4343 9.9060 10.4013 10.9213 11.4674 11.7385 12 3841 13.0653 13.7838 14.5420 16.3939 BEEZ 43219 20120 26522 00 45465 Qog 748

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