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Melvin indecision has difficulty deciding whether to put his savings in Mystic bank or Four Rivers bank. Mystics offers 18% interest compounded semiannually. Four Rivers

Melvin indecision has difficulty deciding whether to put his savings in Mystic bank or Four Rivers bank. Mystics offers 18% interest compounded semiannually. Four Rivers offers 16% interest compounded quarterly. Melvin has $11,400 to invest. He expects to withdraw the money at the end of four years. Calculate interest for each bank and identify which bank gives Melvin the best deal.

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