Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 8% interest compounded semiannually. Four Rivers offers 6% interest compounded quarterly. Melvin has %10,100 to invest. He expects to withdraw the money at the end of 5 years. Calculate interest for each bank and identify which bank gives Melvin the better deal
Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 8% interest compounded semiannually. Four Rivers offers 6% interest compounded quarterly. Melvin has %10,100 to invest. He expects to withdraw the money at the end of 5 years. Calculate interest for each bank and identify which bank gives Melvin the better deal
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...
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Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 8% interest compounded semiannually. Four Rivers offers 6% interest compounded quarterly. Melvin has %10,100 to invest. He expects to withdraw the money at the end of 5 years. Calculate interest for each bank and identify which bank gives Melvin the better deal
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