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? (Use the Table provided.) Note: Do not round intermediate calculations. Round your answers to the nearest cent.

Period	0.5%	1.0%	1.5%	2.0%	2.5%	3.0%	3.5%	4.0%	4.5%	5.0%	5.5%	6.0%	6.5%	7.0%	7.5%	8.0%	8.5%	9.0%	9.5%	10.0%
1	1.0050	1.0100	1.0150	1.0200	1.0250	1.0300	1.0350	1.0400	1.0450	1.0500	1.0550	1.0600	1.0650	1.0700	1.0750	1.0800	1.0850	1.0900	1.0950	1.1000
2	1.0100	1.0201	1.0302	1.0404	1.0506	1.0609	1.0712	1.0816	1.0920	1.1025	1.1130	1.1236	1.1342	1.1449	1.1556	1.1664	1.1772	1.1881	1.1990	1.2100
3	1.0151	1.0303	1.0457	1.0612	1.0769	1.0927	1.1087	1.1249	1.1412	1.1576	1.1742	1.1910	1.2079	1.2250	1.2423	1.25.97	1.2773	1.2950	1.3129	1.3310
4	1.0202	1.0406	1.0614	1.0824	1.1038	1.1255	1.1475	1.1699	1.1925	1.2155	1.2388	1.2625	1.2865	1.3108	1.3355	1.3605	1.3859	1.4116	1.4377	1.4641
5	1.0253	1.0510	1.0773	1.1041	1.1314	1.1593	1.1877	1.2167	1.2462	1.2763	1.3070	1.3382	1.3701	1.4026	1.4356	1.4693	1.5037	1.5386	1.5742	1.6105
6	1.0304	1.0615	1.0934	1.1262	1.1597	1.1941	1.2293	1.2653	1.3023	1.3401	1.3788	1.4185	1.4591	1.5007	1.5433	1.5869	1.6315	1.6771	1.7238	1.7716
7	1.0355	1.0721	1.1098	1.1487	1.1887	1.2299	1.2723	1.3159	1.3609	1.4071	1.4547	1.5036	1.5540	1.6058	1.6590	1.7138	1.7701	1.8280	1.8876	1.9487
8	1.0407	1.0829	1.1265	1.1717	1.2184	1.2668	1.3168	1.3686	1.4221	1.4775	1.5347	1.5938	1.6550	1.7182	1.7835	1.85.09	1.9206	1.9926	2.0669	2.1436
9	1.0459	1.0937	1.1434	1.1951	1.2489	1.3048	1.3629	1.4233	1.4861	1.5513	1.6191	1.6895	1.7626	1.8385	1.9172	1.9990	2.0839	2.1719	2.2632	2.3579
10	1.0511	1.1046	1.1605	1.2190	1.2801	1.3439	1.4106	1.4802	1.5530	1.6289	1.7081	1.7908	1.8771	1.9672	2.0610	2.1589	2.2610	2.3674	2.4782	2.5937
11	1.0564	1.1157	1.1779	1.2434	1.3121	1.3842	1.4600	1.5395	1.6229	1.7103	1.8021	1.8983	1.9992	2.1049	2.2156	2.3316	2.4532	2.5804	2.7137	2.8531
12	1.0617	1.1268	1.1956	1.2682	1.3449	1.4258	1.5111	1.6010	1.6959	1.7959	1.9012	2.0122	2.1291	2.2522	2.3818	2.5182	2.6617	2.8127	2.9715	3.1384
13	1.0670	1.1381	1.2136	1.2936	1.3785	1.4685	1.5640	1.6651	1.7722	1.8856	2.0058	2.1329	2.2675	2.4098	2.5604	2.7196	2.8879	3.0658	3.2537	3.4523
14	1.0723	1.1495	1.2318	1.3195	1.4130	1.5126	1.6187	1.7317	1.8519	1.9799	2.1161	2.2609	2.4149	2.5785	2.7524	2.9372	3.1334	3.3417	3.5629	3.7975
15	1.0777	1.1610	1.2502	1.3459	1.4483	1.5580	1.6753	1.8009	1.9353	2.0789	2.2325	2.3966	2.5718	2.7590	2.9589	3.1T22	3.3997	3.6425	3.9013	4.1772
16	1.0831	1.1726	1.2690	1.3728	1.4845	1.6047	1.7340	1.8730	2.0224	2.1829	2.3553	2.5404	2.7390	2.9522	3.1808	3.42:59	3.6887	3.9703	4.2719	4.5950
17	1.0885	1.1843	1.2880	1.4002	1.5216	1.6528	1.7947	1.9479	2.1134	2.2920	2.4848	2.6928	2.9170	3.1588	3.4194	3.7000	4.0023	4.3276	4.6778	5.0545
18	1.0939	1.1961	1.3073	1.4282	1.5597	1.7024	1.8575	2.0258	2.2085	2.4066	2.6215	2.8543	3.1067	3.3799	3.6758	3.9960	4.3425	4.7171	5.1222	5.5599
19	1.0994	1.2081	1.3270	1.4568	1.5987	1.7535	1.9225	2.1068	2.3079	2.5270	2.7656	3.0256	3.3086	3.6165	3.9515	4.3157	4.7116	5.1417	5.6088	6.1159
20	1.1049	1.2202	1.3469	1.4859	1.6386	1.8061	1.9898	2.1911	2.4117	2.6533	2.9178	3.2071	3.5236	3.8697	4.2479	4.6610	5.1120	5.6044	6.1416	6.7275
21	1.1104	1.2324	1.3671	1.5157	1.6796	1.8603	2.0594	2.2788	2.5202	2.7860	3.0782	3.3996	3.7527	4.1406	4.5664	5.03:38	5.5466	6.1088	6.7251	7.4002
22	1.1160	1.2447	1.3876	1.5460	1.7216	1.9161	2.1315	2.3699	2.6337	2.9253	3.2475	3.6035	3.9966	4.4304	4.9089	5.43.65	6.0180	6.6586	7.3639	8.1403
23	1.1216	1.2572	1.4084	1.5769	1.7646	1.9736	2.2061	2.4647	2.7522	3.0715	3.4262	3.8197	4.2564	4.7405	5.2771	5.8715	6.5296	7.2579	8.0635	8.9543
24	1.1272	1.2697	1.4295	1.6084	1.8087	2.0328	2.2833	2.5633	2.8760	3.2251	3.6146	4.0489	4.5331	5.0724	5.6729	6.3412	7.0846	7.9111	8.8296	9.8497
25	1.1328	1.2824	1.4509	1.6406	1.8539	2:0938	2.3632	2.6658	3.0054	3.3864	3.8134	4.2919	4.8277	5.4274	6.0983	6.8485	7.6868	8.6231	9.6684	10.8347
26	1.1385	1.2953	1.4727	1.6734	1.9003	2.1566	2.4460	2.7725	3.1407	3.5557	4.0231	4.5494	5.1415	5.8074	6.5557	7.3964	8.3401	9.3992	10.5869	11.9182
27	1.1442	1.3082	1.4948	1.7069	1.9478	2.2213	2.5316	2.8834	3.2820	3.7335	4.2444	4.8223	5.4757	6.2139	7.0474	7.9881	9.0490	10.2451	11.5926	13.1100
28	1.1499	1.3213	1.5172	1.7410	1.9965	2.2879	2.6202	2.9987	3.4297	3.9201	4.4778	5.1117	5.8316	6.6488	7.5759	8.62'71	9.8182	11.1671	12.6939	14.4210
29	1.1556	1.3345	1.5400	1.7758	2.0464	2.3566	2.7119	3.1187	3.5840	4.1161	4.7241	5.4184	6.2107	7.1143	8.1441	9.3173	10.6528	12.1722	13.8998	15.8631
30	1.1614	1.3478	1.5631	1.8114	2.0976	2.4273	2.8068	3.2434	3.7453	4.3219	4.9840	5.7435	6.6144	7.6123	8.7550	10.0627	11.5583	13.2677	15.2203	17.4494