Mathematics, 21.10.2020 01:01 zachthomas024

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 $11,100 to invest. He expects to withdraw the money at the end of 8 years. Calculate interest for each bank and identify which bank gives Melvin the better deal?

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