S Word Problem 19-13 [LU 19-1 (2)] 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 11% interest compounded quarterly. Melvin has $11,500 to invest. He expects to withdraw the money at the end of 5 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.) Interest Mystic 2 Four Rivers Better deal

Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rlvers Bank. Mystic offers 12% interest compounded semiannually. Four Rivers offers 11% interest compounded quarterly. Melvin has $11,500 to invest. He expects to withdraw the money at the end of 5 years. Calculate the interest eamed at the end of Melvin's investment period at each bank. Identify which bank gives him the better deal? (Do not round intermediote colculations. Round your answer to the nearest cent.)