Answer on MATLAB

3. Calculate the compound interest (Use formula provided in the slides) Suppose $50,000 is invested for 11 years in one account where the interest is compounded yearly (t-11). In addition, $50,000 is invested in a second account in which the interest is compounded monthly (n=12, t=11). In both accounts the interest rate is 1.1% (i.e. r=0.011). Use MATLAB to determine (1) the balance of the first account after 11 years, and (2) how long it would take for the second account to reach the same balance. (20 points)