Suppose you project that you will be able to deposit the following monthly amounts into a savings account for a period of five years. The account initially has no money in it.
Year | 1 | 2 | 3 | 4 | 5 |
Monthly deposit ($) | 300 | 350 | 350 | 350 | 400 |
At the end of each year in which the account balance is at least $3000, you withdraw $2000 to buy a certificate of deposit (CD), which pays 6 percent interest compounded annually. Write a MATLAB program to compute how much money will accumulate in five years in the account and in any CDs you buy. Run the program for two different savings interest rates: 4 percent and 5 percent.
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