Assume that 900 $ is deposited into an account that pays 5% interest per year. A

Question

Assume that 900 $ is deposited into an account that pays 5% interest per year. At the end of the year, the amount in the account is 1.05 times the amount at the beginning of the year.Write a matlab program with a FOR loop to calculate the amount in the account after 10,20,and 30 years Assume that 900 $ is deposited into an account that pays 5% interest per year. At the end of the year, the amount in the account is 1.05 times the amount at the beginning of the year.Write a matlab program with a FOR loop to calculate the amount in the account after 10,20,and 30 years

Explanation / Answer

main.m

clc;
close all;
clear all;
p=900;% initial investment
i=5;%intrest
f=1.05;
for y=10:10:30
    m=p*(f)^y;
    p=m;
    fprintf('the amount in the account after %d = $%f ', y,m)
end

Output:-

the amount in the account after 10 = $1466.005164
the amount in the account after 20 = $3889.748138
the amount in the account after 30 = $16811.267305

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