Question: Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 1 3 % interest compounded semiannually.
Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers interest
compounded semiannually. Four Rivers offers interest compounded quarterly. Melvin has $ to invest. He expects to
withdraw the money at the end of years.
Calculate the interest earned at the end of Melvin's investment period at each bank. Identify which bank gives him the better deal? Do
not round intermediate calculations. Round your answer to the nearest cent.
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