Melvin Indecision has difficulty deciding whether to put his
savings in Mystic Bank or Four Rivers Bank. Mystic offers 11%
interest compounded semiannually. Four Rivers offers 12% interest
compounded quarterly. Melvin has $11,400 to invest. He expects to
withdraw the money at the end of 4 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.)
Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 1
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