Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please use matlab to solve, thankyou. Q4 (10 pts) The balance B of a savings account after t years when a principal P is invested

Please use matlab to solve, thankyou.
image text in transcribed
Q4 (10 pts) The balance B of a savings account after t years when a principal P is invested at an annual interest rate r (in decimal) and the interest is compounded n times a year is given by: B=P(1+nr)nt If the interest is compounded yearly, the balance is given by: B=P(1+r)t Suppose $8,500 is invested for 12 years in one account for which the interest is compounded yearly. In addition, $6,000 is invested in a second account in which the interest is compounded quarterly. In both accounts the interest rate is 6.25%. Use MATLAB by writing a custom function, named getYear, to determine how many years it would take for the balance in the second account to be the same as the balance of the first account after 12 years. Hint: Use fripintf for your output. Your output should look like this (the obtained year should be display by two decimal places). It would take 772 years for 6000 dollars to reach 8500 dollars

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Guide To Client Server Databases

Authors: Joe Salemi

2nd Edition

1562763105, 978-1562763107

More Books

Students also viewed these Databases questions

Question

Does it have correct contact information?

Answered: 1 week ago