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Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 18% interest compounded semiannually. Four Rivers
Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic 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 4 years. Calculate interest for each bank and identify which bank gives Melvin the better deal? (Use the Table provided.) Note: Do not round internediate calculations. Round your answers to the nearest cent. You choose to invest your $3,285 income tax refund check (rather than spend it!) in an account earning 6% compounded annually. How much will the account be worth in 30 years? (Use the Table provided.) Note: Round your answer to the nearest cent
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