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Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or...

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Question

Accounting

Melvin Indecision has difficulty deciding whether to put his
savings in Mystic Bank or Four Rivers Bank. Mystic offers 20%
interest compounded semiannually. Four Rivers offers 12% interest
compounded quarterly. Melvin has $12,300 to invest. He expects to
withdraw the money at the end of 6 years.
Calculate interest for each bank and identify which bank gives
Melvin the better deal? (Use
theTableprovided.)(Do not round
intermediate calculations.Round your answers
to the nearest cent.)

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