Option 1: On 30 December of year 1, the grandmother opens a bank account with 20

Question

Option 1: On 30 December of year 1, the grandmother opens a bank account with 200$ for Jennifer. On 29 December of each year, she pays 'interest', that is, she deposits an amount that corresponds to 2.9% of the account balance on that day into the account. Immediately after the 'interest payment', she deposits an additional 170$ to the account. Let A(n) denote the amount of money in the account on 31 December of year n. Option 2: On 30 December of year 1, the grandmother opens a bank account with 120$ for Jennifer. Starting in year 2, she deposits 190$ into this account on 2 January of every year. On 29 December of each year, she pays 'interest', that is, she deposits an amount that corresponds to 5% of the account balance on that day to the account. Let B(n) denote the amount of money in the account on 31 December of year n. (c) Write a MATLAB program to compute A_n and B_n for n = 1, 2, 10, and display the values in three columns: n, A_n, B_n with appropriate headings. Include a printout of the output with your solution. (d) Use MATLAB to create a plot showing A_n and B_n as a function of n for years 1 to 10. Label your axes appropriately. Include a printout of the plot with your solution. (e) If the saving scheme runs for 7 years, should Jennifer choose the first or the second option (in order to maximise the account balance at the end of the scheme)?

Explanation / Answer

Where is the problem statement ? You have not provided any question, nor have you uploaded any relevant pic for that purpose. Kindly edit and repost.

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.