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

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Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 8% int

Future value interest factor of $1 per period at i% forn periods, FVIF 100 1400 ) 0 55 100 15 2 11010 10000 10460 | 10000 12

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Answer 1

Answer #1

The Effective annual rate (= (1+inan Mystic Bank (1+0.08 ) ² = 1.08161 Four Ritrers Bank -> (1+0.06) - 1.0613) Mystic Bank o

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Answer 2

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

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