Question: 3. In class modeling exercise (10 points) At the beginning of the year you deposit 5000 into your savings account (January). At the end of

3. In class modeling exercise (10 points) At the beginning of the year you deposit 5000 into your savings account (January). At the end of each month the bank pays interest at a rate of 0.5 percent (rate quoted as a monthly rate). In addition, at the end of each month, you deposit 500 into the account. (a) Describe the model developed in class that calculates the money in your bank account at month n. (b) How much money is in your account after 12 months? c) Using stability analysis, discuss how much money you expect in your account after a very long time? d) Consider that you remove a constant amount C from your account each month, instead of making de- posits. Using cobwebbing methods, can you determine how much money you should initially put in your account so as not to go into debt
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