MATLAB Code IN MATLAB.You should save money for retirement from your very first

Question

MATLAB Code IN MATLAB.You should save money for retirement from your very first paycheck. Luckily, your company has a 401k (retirement savings plan) that will allow you to put a certain percentage of your salary (myContributionPercentage) aside in an investment account to grow tax-deferred until retirement. • 50% of your contribution will be matched by your company up to 6% (i.e., your employer will not contribute more than 3% of your salary, even if you contribute > 6% of your salary.). • Your contribution (not including your employer’s contribution) cannot exceed $18000 per year. Write a function with the header: function [myContribution, employerContribution] = my401kCalculator(salary, myContributionPercentage) Which calculates how much money you will save per year in the 401k based on the percentage of your salary you set aside in the 401k. If your contribution exceeds $18000, the function should return $18000 plus the employer’s contribution. TEST CASES >> [a, b] = my401kCalculator(30000,.07) a =2100 b = 900 >> [a, b] = my401kCalculator(30000,.03) a = 900 b = 450 >> [a, b] = my401kCalculator(30000,.75) The contribution limit for your salary is 0.600% a = 18000 b = 900 >> [a, b] = my401kCalculator(60000,.25) a = 15000 b = 1800 >> [a, b] = my401kCalculator(60000,.045) a = 2700 b = 1350

Explanation / Answer

%matlab code

function [myContribution, employerContribution] = my401kCalculator(salary, myContributionPercentage)
  
if myContributionPercentage <= 0.06
myContribution = salary*myContributionPercentage;
if myContribution >= 18000
myContribution = 18000;
end
employerContribution = (myContribution/2);
else
myContribution = salary*myContributionPercentage;
if myContribution >= 18000
myContribution = 18000;
end
employerContribution = salary*(0.03);
end
end

[a, b] = my401kCalculator(30000,.07)
%a =2100 b = 900

[a, b] = my401kCalculator(30000,.03)
%a = 900 b = 450

[a, b] = my401kCalculator(30000,.75)
%The contribution limit for your salary is 0.600
% a = 18000 b = 900

[a, b] = my401kCalculator(60000,.25)
% a = 15000 b = 1800

[a, b] = my401kCalculator(60000,.045)
%a = 2700 b = 1350

%end matlab code

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