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Jane is having difficulty deciding whether to put her savings in the Mystic Bank or in the Four ...

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Jane is having difficulty deciding whether to put her savings in the Mystic Bank or in the Four ...

Jane is having difficulty deciding whether to put her savings in the Mystic Bank or in the Four Rivers Bank. Mystic offers a 12% rate compounded quarterly, and Four Rivers offers 14% compounded semiannually. Jane has $40,000 to invest and expects to withdraw the money at the end of five years. The better deal is:

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Four Rivers because she will earn about $6,442 more.

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Four Rivers because she will earn about $6,523 more.

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Four Rivers because she will earn about $4,000 more.

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Four Rivers because she will earn about $20,000 more.

Textbook

Math for Business and Finance: an Algebraic Approach

Edition: 3^rd

Author: Slater

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