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Preview File Edit View Go Tools Window Help 896 CO Fri 8:38 AM a E 8% H. a Fri 8:38 AM Shorl Lab 8.pdf (page 1 of 2) - Q Search Shorl Lab 8.pdf Problem 3) Suppose a couple wants to start a college saving for their new born child. Their plan is to deposit $2500 as the start and contribute $200 monthly to the child's college saving account. Suppose also that the interest rate is 6% per year compounded monthly, which is equivalent to 0.5% each month. Because of the interest payment on the account, each month saving balace follows the following formula New Balance -Old Balance Contibution Interest Use a loop to find the monthly balance of the account for the next 18 years. Plot the monthly balance of the account (in dollars) versus time Note: Explicitly display the balance at the end of 18 years.

Explanation / Answer

y(0)=2500;

for n=1:1:12*18

y(n)=y(n-1)*1.05+200;

end

plot(y,n);

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