need help with the following question, really have no clue where to start. (Matl

Question

need help with the following question, really have no clue where to start. (Matlab)

You may wish to get started on this set in advance of your session. 1. Suppose that you start a new savings account with an Initial deposit of $1,000 and that from then on you deposit $1,200 a month. The account collects 3% annual interest. The accumulated balance at the end of the kth month can be represented by the recursion: y(k) = y(k - 1) + r.y(k - 1) + 1200, k >= 2 and initialized at y(1) = 1000, with effective monthly rate of r = (3/100)/12 = 0.0025. a. Using a for-loop determine how many months it would lake to reach a desired balance of $500,000.

Explanation / Answer

I ll try to give you a clue:

clear

y(1)=1000;

r=(3/100)/12 = 0.0025;

while (k>=2)

y(k)= y(k-1)+r.y(k-1)+1200;

print (y(k));

(a) For loop can be written while the value of y(k)=500000 in the formula above, and the value of y can be found out.

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