Answered

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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:
Multiple Choice
Four Rivers because she will earn about $6,442 more.
Four Rivers because she will earn about $6,523 more.
Four Rivers because she will earn about $4,000 more.
Four Rivers because she will earn about $20,000 more.

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