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5) Bank 1 pays 6% annual interest, Bank 2 pays 4.3% annual interest, and Bank 3 pays 2% annual interest. A customer deposits $600 initially
5) Bank 1 pays 6% annual interest, Bank 2 pays 4.3% annual interest, and Bank 3 pays 2% annual interest. A customer deposits $600 initially and $800 at the end of each year in all three banks. Write a MATLAB program to do the following: a) For each bank, calculate and print how many years it will take to accumulate at least $14,000 and the exact balance in the account after that many years.Use a step size of 1 for years. b) Calculate and print how much longer it will take to accumulate at least $14,000 in Bank 2 compared to Bank 1, and how much longer it will take to accumulate at least $14,000 in Bank 3 compared to Bank 1. The output of this program should look like this: Bank 1: Years 12 Balance $14703.27 Bank 2: Years 13 Balance $14592.62 Bank 3: Years=15 Balance-$14642.25 s needed in Bank 2 1 Additional y Additional years needed in Bank 3-3 Years https://www.coursehero.com/file/23647993/CSC1240-exam-2/ 5) Bank 1 pays 6% annual interest, Bank 2 pays 4.3% annual interest, and Bank 3 pays 2% annual interest. A customer deposits $600 initially and $800 at the end of each year in all three banks. Write a MATLAB program to do the following: a) For each bank, calculate and print how many years it will take to accumulate at least $14,000 and the exact balance in the account after that many years.Use a step size of 1 for years. b) Calculate and print how much longer it will take to accumulate at least $14,000 in Bank 2 compared to Bank 1, and how much longer it will take to accumulate at least $14,000 in Bank 3 compared to Bank 1. The output of this program should look like this: Bank 1: Years 12 Balance $14703.27 Bank 2: Years 13 Balance $14592.62 Bank 3: Years=15 Balance-$14642.25 s needed in Bank 2 1 Additional y Additional years needed in Bank 3-3 Years https://www.coursehero.com/file/23647993/CSC1240-exam-2/
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