Using MatLab:

Compound interest can be calculated using the following formula: A = P(1 + r/n)^nt where A = amount of money accumulated after n years, including interest P = principal amount (the initial amount you borrow or deposit) r = annual rate of interest (as a decimal) t = number of years the amount is deposited or borrowed for n = number of times the interest is compounded per year

Suppose you want to deposit a certain amount annually into an account that earns interest with a target amount in mind. Write a function targetBalance.m that accepts the initial deposit, amount deposited annually, the interest rate, and the number of times interest is compounded annually, and the target amount the user is seeking. Return to the user the time (in years) needed to reach the target amount, as well as, a table with all annual values. Provide the user with a graphical representation of the growth. Run your function with the following values:

annual deposit rate frequency target value $10,000 9% quarterly $1,000,000 $10,000 9% annually $1,000,000 $5,000 8% semi-annually $1,000,000 $10,000 5% annually $1,000,000