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Calculate interest for each bank

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Question - 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 $11,900 to invest. He expects to withdraw the money at the end of 9 years. Calculate interest for each bank and identify which bank gives Melvin the better deal?

Reference no: EM133057563

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