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Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 1 6 % 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 interest for each bank and identify which bank gives Melvin the better deal? Use the Table provided.
Note: Do not round intermediate calculations. Round your answers to the nearest cent.
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