Identify which bank gives him the better deal

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Reference no: EM131535397

Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 11% interest compounded semiannually. Four Rivers offers 10% interest compounded quarterly. Melvin has $12,500 to invest. He expects to withdraw the money at the end of 8 years. Calculate the interest earned at the end of Melvin's investment period at each bank. Identify which bank gives him the better deal? (Do not round intermediate calculations. Round your answer to the nearest cent.) Mystic Four Rivers Better deal Interest $

Reference no: EM131535397

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