kalam ump.edu.my Q.3 A UMP student have an original saving of RM 1000 in ABC ban

Question

kalam ump.edu.my Q.3 A UMP student have an original saving of RM 1000 in ABC bank. As a saving, the student wishes to allocate RM 100 per month for the entire 4 years studies at UMP. The interest rate of ABC bank is 6% per year compounded monthly, which is equivalent to 0.5% each month. Because of interest payments and self-saving, the account balance will increase every month in accordance with the formula; New balance original balance interest saving allocation Use a for loop to find the amount in the savings account each month for the next 4 years. (Create a vector of values.) Plot the amount in the account as a function of time. (Plot time on the horizontal axis and RM on the vertical axis.) (10 Marks)

Explanation / Answer

time1=[]                    
sav_allocation=100;
new_balance=1000
bal=[]
for i=1:48
    time1(i)=i;
    interest=((new_balance)*0.5)/100.0;
    bal(i)=new_balance+interest+sav_allocation;
    new_balance=bal(i);
    fprintf("%d ",bal(i));
end
plot(time1,bal)

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