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

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 $11,100 to invest. He expects to withdraw the money at the end of 8 years.

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