Determine the amount of money in a college savings account each month for the fo

Question

Determine the amount of money in a college savings account each month for the following scenario. In the first month, S1000 dollars is initially deposited in a savings account. At the beginning of each subsequent month, interest is added to the account (compounded monthly at the rate of 0.5% of the balance in the account). In addition, $100 is added to the account each month. Plot the balance in the account (S) versus time (years) over a period of 18 years. Hint: this will require indexing within your loop. Also print "At the end of 18 years you'll have dollars." 5.

Explanation / Answer

Months 1 2 3 4 5 6 7 8 9 10 11 12 Closing Balance Years $ $ $ $ $ $ $ $ $ $ $ $ $ 1 1000 1105.5 1211.528 1318.085 1425.176 1532.801 1640.965 1749.67 1858.919 1968.713 2079.057 2189.952 2189.952 2 2189.952 2301.402 2413.409 2525.976 2639.106 2752.801 2867.065 2981.901 3097.31 3213.297 3329.863 3447.012 3447.012404 3 3447.012 3564.747 3683.071 3801.987 3921.496 4041.604 4162.312 4283.624 4405.542 4528.069 4651.21 4774.966 4774.965776 4 4774.966 4899.341 5024.337 5149.959 5276.209 5403.09 5530.605 5658.758 5787.552 5916.99 6047.075 6177.81 6177.810184 5 6177.81 6309.199 6441.245 6573.951 6707.321 6841.358 6976.065 7111.445 7247.502 7384.24 7521.661 7659.769 7659.769171 6 7659.769 7798.568 7938.061 8078.251 8219.142 8360.738 8503.042 8646.057 8789.787 8934.236 9079.407 9225.304 9225.304469 7 9225.304 9371.931 9519.291 9667.387 9816.224 9965.805 10116.13 10267.21 10419.05 10571.65 10725 10879.13 10879.12943 8 10879.13 11034.03 11189.7 11346.14 11503.37 11661.39 11820.2 11979.8 12140.2 12301.4 12463.41 12626.22 12626.22323 9 12626.22 12789.85 12954.3 13119.58 13285.67 13452.6 13620.36 13788.97 13958.41 14128.7 14299.85 14471.85 14471.84585 10 14471.85 14644.71 14818.43 14993.02 15168.49 15344.83 15522.05 15700.16 15879.16 16059.06 16239.85 16421.55 16421.55388 11 16421.55 16604.16 16787.68 16972.12 17157.48 17343.77 17530.99 17719.14 17908.24 18098.28 18289.27 18481.22 18481.21732 12 18481.22 18674.12 18867.99 19062.83 19258.65 19455.44 19653.22 19851.98 20051.74 20252.5 20454.27 20657.04 20657.0372 13 20657.04 20860.82 21065.63 21271.45 21478.31 21686.2 21895.13 22105.11 22316.14 22528.22 22741.36 22955.56 22955.56425 14 22955.56 23170.84 23387.2 23604.63 23823.16 24042.77 24263.49 24485.3 24708.23 24932.27 25157.43 25383.72 25383.71865 15 25383.72 25611.14 25839.69 26069.39 26300.24 26532.24 26765.4 26999.73 27235.23 27471.9 27709.76 27948.81 27948.81084 16 27948.81 28189.05 28430.5 28673.15 28917.02 29162.1 29408.41 29655.96 29904.74 30154.76 30406.03 30658.56 30658.56353 17 30658.56 30912.36 31167.42 31423.76 31681.37 31940.28 32200.48 32461.98 32724.79 32988.92 33254.36 33521.13 33521.13499 18 33521.13 33789.24 34058.69 34329.48 34601.63 34875.14 35150.01 35426.26 35703.89 35982.91 36263.33 36545.14 36545.14355 At the End of 18 years you'll have 36545.14 dollars

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