Question: suppose you project that you will Be anit so ooposit the slowing monthy amounts into a savings account for a period of 5 years. The
suppose you project that you will Be anit so ooposit the slowing monthy amounts into a savings account for a period of years. The account initially has no money in it
tableYearMostly deposit,
Interest will be accrued each month based on an annual interest rate of percent of that rate is applied each month At the end of each year in which the account balance is at least $ you withdraw $ to buy a certificate of deposit CD which pays percent interest compounded annually. Note multiple CDs may be purchased each year while the account balance is above $
Write a MATLAB program to compute how much money will accumulate in years in the account and in any CDs you buy. Display the amount of cash on deposit and the number and value of the CDs as well as the total asset value after years.
Assume that you earn interest on deposits in the month that they are made and every month thereafther and that you earn interest on the CDs in the year that they are purchased and every year thereafler. Note in the last month of the year, first apply the inferest to the cash account, then purchase CDs then apply the interest to the CD account.
Hint Remember to corrert interest rates from persent to decimal value.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
