Question

3. You want to save some money. You start with $1000, and contribute $100 to the account each month. Using an interest rate of 5% APR compounded monthly (0.05/12), how much money will you have after ten years (120 months)? Create a table showing the monthly balance for each month. Plot the monthly balance in a bar graph Rework this problem using a while loop to determine how long it will take to reach $5000
matlab code

Answer 1

Opening balance $ 100 $ Monthly Month Closing balance Interest 1,000.00 $ 4.17 $ 1,004.17 1$ 2 $ 3 $ 1,000.00 $ 1,104.58 $ 1,209.60 $ 4.58 $ 1,104.58 16000 100 $ 5.02 $ 1,209.60 2.42 $ 100 $ 1,312.02 14000 4S 1,312.02 $ 2.62 $ 100 $ 100 $ 1,414.65 5 $ 6 $ 2.83 $ 3.03 $ 1,414.65 $ 1,517.47 12000 100 $ 1,517.47 $ 1,620.51 7 $ 3.24 $ 3.45 $ 1,620.51 $ 100 $ 1,723.75 10000 Month 8$ 9 $ 1,723.75 $ 1,827.20 $ 100 $ 1,827.20 Monthly payment 3.65 $ 100 $ 1,930.85 8000 1,930.85 $ 2,034.71 $ 2,138.78 $ 10 S 100 $ 3.86 $ 4.07 $ 4.28 $ 2,034.71 Opening balance 11$ 100 $ 2,138.78 Interest 6000 12 $ 100 $ 2,243.06 Closing balance 13 $ 14 S 100 $ 2,243.06 $ 4.49 S 4.70 $ 2,347.55 4000 100 $ 2,347.55 $ 2,452.24 $ 2,452.24 15 $ 100 $ 4.90 $ 2,557.15 2000 100 $ 100 $ 5.11 $ 16 $ 2,557.15 $ 2,662.26 $ 2,767.59 $ 2,662.26 17 $ 5.32 $ 2,767.59 18 S 100 $ 5.54 $ 2,873.12 19 $ 100 $ 2,873.12 $ 2,978.87 $ 5.75 $ 2,978.87 20 $ 100 $ 5.96 $ 6.17 $ 6.38 $ 3,084.83 100 $ 3,084.83 $ 3,190.99 $ 21 $ 22 $ 3,190.99 100 $ 3,297.38 23 $ 3,297.38 $ 3,403.97 $ 3,510.78 $ 6.59 $ 100 $ 3,403.97 6.81 $ 24 S 25 $ 100 $ 3,510.78 7.02 $ 100 S 3,617.80

23 $ 100 S 3,297.38 $ 3,403.97 $ 3,510.78 $ 6.59 $ 3,403.97 100 $ 6.81 S 24 S 3,510.78 25 $ 100 $ 7.02 $ 3,617.80 26 $ 100 $ 100 S 7.24 $ 3,617.80 3,725.04 3,725.04 $ 3,832.49 $ 3,940.15 $ 4,048.03 $ 4,156.13 $ 4,264.44 $ 4,372.97 $ 72 $ 4,590.68 $ 4,699.86 $ 4,809.26 $ 4,918.88 $ 5,028.72 $ 5,138.77 $ 5,249.05 $ 5,359.55 $ 5,470.27 $ 5,581.21 $ 5,692.37$ 5,803.76 $ 5,915.36 $ 6,027.19 $ 6,139.25 $ 7.45 $ 27 $ 3,832.49 100 $ 100 S 7.66 $ 28 S 3,940.15 29 $ 7.88 $ 4,048.03 30 $ 100 $ 100 S 8.10 $ 4,156.13 4,264.44 4,372.97 4,481.72 31 $ 8.31 $ 8.53 $ 100 $ 32 $ 33 $ 100 $ 8.75 $ 100 $ 8.96 $ 9.18 $ 9.40 $ 34 S .68 100 $ 35 $ 4,699.86 36 $ 37 $ 100 $ 4,809.26 100 $ 9.62 $ 9.84 $ 4,918.88 38 $ 100 $ 5,028.72 100 $ 39 $ 10.06 $ 10.28 $ 5,138.77 40 $ 100 $ 5,249.05 41$ 100 $ 100 $ 10.50 $ 10.72 $ 5,359.55 42 $ 5,470.27 100 $ 10.94 $ 11.16 $ 43 $ 5,581.21 5,692.37 44 $ 100 $ 100 $ 11.38 S 45 $ 5,803.76 46 $ 100 $ 11.61 $ 5,915.36 100 $ 100 $ 11.83 S 47 S 6,027.19 48 $ 12.05 $ 6,139.25 100 $ 12.28 $ 49 S 6,251.53

100 $ 6,027.19 $ 6,139.25 $ 6,251.53 $ 6,364.03 $ 6,476.76 $ 6,589.71 $ 48 $ 12.05 S 12.28 $ 6,139.25 49 $ 100 $ 6,251.53 50 $ 100 S 12.50 $ 6,364.03 51 $ 100 S 12.73 $ 6,476.76 52 $ 100 S 12.95 $ 6,589.71 53 $ 100 $ 100 S 13.18 S 6,702.89 54 $ 13.41 $ 6,702.89 6,816.30 6,816.30 $ 6,929.93 $ 7,043.79 $ 7,157.88 $ 7,272.19 $ 7,386.74 $ 7,501.51 $ 7,616.51 $ 7,731.75 $ 7,847.21 $ 7,962.90 $ 8,078.83 $ 8,194.99 $ 8,311.38 $ 8,428.00 $ 8,544.86 $ 8,661.95 $ 8,779.27$ 8,896.83 $ 9,014.62 $ 55 $ 56 $ 100 $ 100 S 13.63 $ 6,929.93 13.86 $ 7,043.79 57$ 100 $ 14.09 S 7,157.88 100 S 14.32 $ 58 S 7,272.19 59$ 60 $ $ 14.54 $ 100 7,386.74 14.77 $ 100 $ 7,501.51 61 $ 100 $ 15.00 S 7,616.51 62 $ 15.23 $ 15.46 $ 100 $ 100 S 7,731.75 63 $ 7,847.21 64 $ 15.69 $ 100 $ 100 S 7,962.90 15.93 $ 16.16 $ 65 $ 8,078.83 66 $ 100 $ 8,194.99 67 $ 100 $ 16.39 $ 8,311.38 68$ 16.62 $ 100 $ 8,428.00 69 $ 100 S 16.86 $ 8,544.86 70 $ 71 $ 100 S 17.09 $ 8,661.95 100 $ 17.32 $ 8,779.27 72 $ 100 S 17.56 8,896.83 73 $ 100 $ 17.79 $ 9,014.62 74 $ 100 S 18.03 S 9,132.65

74 $ 9,014.62 $ 9,132.65 $ 9,250.92 $ 9,369.42 $ 9,488.16 $ 9,607.13 $ 9,726.35 $ 9,845.80 $ 9,965.49 $ 10,085.42 $ 10,205.59 $ 10,326.01 $ 10,446.66 $ 10,567.55 $ 10,688.69 $ 10,810.06 $ 10,931.68 $ 11,053.55 $ 11,175.65 $ 11,298.01 $ 11,420.60 $ 11,543.44 11,666.53 $ 11,789.86 $ 11,913.44 $ 12,037.27 $ 12,161.34 $ 18.03 $ 100 S 9,132.65 75 $ 100 $ 100 $ 18.27 $ 18.50 $ 9,250.92 76 $ 9,369.42 77S 100 $ 18.74 $ 9,488.16 78 $ 100 $ 18.98 $ 19.21 $ 9,607.13 79 $ 100 $ 100 $ 9,726.35 80 $ 19.45 $ 19.69 $ 19.93 $ 9,845.80 81 $ 100 $ 100 $ 9,965.49 82 $ 10,085.42 83 $ 100 $ 20.17 $ 10,205.59 84 $ 100 $ 20.41 $ 10,326.01 100 $ 100 $ 20.65 S 85 $ 10,446.66 86 $ 20.89 $ 10,567.55 87 $ 100 $ 21.14 $ 10,688.69 88 $ 100 $ 21.38 S 21.62 $ 10,810.06 89 $ 100 $ 10,931.68 90 $ 100 $ 21.86 S 11,053.55 91 $ 100 $ 22.11 $ 11,175.65 92 $ 100 $ 22.35 $ 11,298.01 93 $ 100 $ 22.60 S 11,420.60 94 $ 100 $ 22.84 $ 11,543.44 95 $ 100 $ 100 $ 100 $ 100 $ 100 $ 23.09 S 11,666.53 96 $ 23.33 11,789.86 97 $ 23.58 11,913.44 98 $ 23.83 $ 24.07 $ 12,037.27 99 $ 12,161.34 100 $ 100 S 24.32 $ 12,285.67

100 $ 12,161.34 $ 12,285.67 $ 12,410.24 $ 12,535.06 $ 12,660.13 $ 12,785.45 $ 12,911.02 $ 13,036.84 $ 13,162.92 $ 13,289.24 $ 13,415.82 $ 13,542.65 $ 13,669.74 $ 13,797.08 $ 100 $ 24.32 $ 12,285.67 101 $ 100 $ 24.57 $ 24.82 $ 12,410.24 102 $ 100 $ 12,535.06 103 S 100 $ 25.07 $ 25.32 $ 12,660.13 104 $ 100 $ 12,785.45 105 S 100 $ 25.57 $ 12,911.02 106 $ 100 $ 25.82 $ 26.07 $ 26.33 $ 26.58 $ 13,036.84 107 S 100 $ 13,162.92 108 $ 100 $ 13,289.24 109 S 100 $ 13,415.82 110 $ 100 $ 26.83 S 13,542.65 111 $ 27.09 $ 100 $ 13,669.74 112 $ 113 $ 100 $ 27.34 $ 13,797.08 27.59 $ 100 $ 13,924.67 114 $ 100 $ 13,924.67 $ 14,052.52 $ 14,180.62 $ 14,308.99 $ 14,437.60 $ 14,566.48 $ 14,695.61 $ 27.85 $ 14,052.52 115 $ 28.11 $ 100 $ 14,180.62 116 $ 100 $ 100 $ 100 $ 28.36 $ 14,308.99 117 $ 28.62 $ 14,437.60 118 $ 28.88 $ 14,566.48 29.13 $ 119 S 100 $ 14,695.61 120 $ 29.39 $ 100 S 14,825.00

$14,825.0

Final amount

From the above table it is clear that at 38 th month u will get $5,000

Or can be done by reverse caliculation