Using Matlab please help solving all steps, comments needed Imagine that you are

Question

Using Matlab please help solving all steps, comments needed

Imagine that you are a proud new parent. You decide to start a college sav ings plan now for your child, hoping to have enough in 18 years to pay the sharply rising cost of education. Suppose that your folks give you S1000 to get started and that each month you can contribute $100. Suppose also that the interest rate is 6% per year compounded monthly, which is equivalent to 0.5% each month. Because of interest payments and your contribution, each month your balance will increase in accordance with the formula New balance= old balance + interest + your contribution Use a for loop to find the amount in the savings account each month for the next 18 years. (Create a vector of values.) Plot the amount in the account as a function of time. (Plot time on the horizontal axis and dollars on the vertical axis.)

Explanation / Answer

following is the code

t = 1:1:18*12+1;
intit_paid=1000;
total_money(1)=1000;
interest_rate=.5;
per_month_contribution=100;
tt=0;
for i=2:18*12
    interest=total_money(i-1)*interest_rate/100;
    total_money(i)=total_money(i-1)+interest+per_month_contribution;
end

plot(t,total_money)
title('money VS time')

figure is below

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