Question

2.(11') Checking/savings. Suppose a person has three accounts: checking, savings and retirement. Each month, the checking account is credited with a pay check. Each month the person pays rent, utilities, and other expenses from the checking account and makes a deposit into savings and into retirement (assume all these amounts are the same from month to month). The checking account has a monthly fee and earns no interest. The savings and retirement accounts earn interest. Furthermore, the person has a car loan (paid from checking). Create a discrete dynamical system to model this situation.

Answer 1

Checking Account (in $) Saving Account (in $) Retirement Account (in $) Every month Transactions in Checking Account (in $) Particulars Beg Monthly Balance Ending Monthly Balance Beg Monthly Interest (@.5% From Checkin Balance monthly) Account Beg Monthly interest (@.5% Balance monthly) From Checkin Account Salary Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 12000 12000 12000 12000 12000 12000 12000 12000 12000 12000 12000 12000 0.00 1500.00 3007.50 4522.54 6045.15 7575.38 9113.25 10658.82 12212.11 Rent Other Expenses Car loan To Saving Account To Retirement account 12000 -3000 -3000 -2000 1500 1500 OOOOOOOOOOOO Ending Monthly Balance 1500.00 3007.50 4522.54 6045.15 7575.38 9113.25 10658.82 12212.11 13773.17 15342.04 16918.75 18503.34 0.00 7.50 15.04 22.61 30.23 37.88 45.57 53.29 61.06 68.87 76.71 84.59 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 0.00 1500.00 3007.50 4522.54 6045.15 7575.38 9113.25 10658.82 12212.11 13773.17 15342.04 16918.75 Ending Monthly Balance 1500.00 3007.50 4522.54 6045.15 7575.38 9113.25 10658.82 12212.11 13773.17 15342.04 16918.75 18503.34 0.00 7.50 15.04 22.61 30.23 37.88 45.57 53.29 61.06 68.87 76.71 84.59 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 1500.00 13773.17 15342.04 16918.75