Question
using MATLAB.. THANKS in Advance!! Lets pretend that you are a 55 year-old retired graduate of Clarkson University in the far future, and are looking
using MATLAB.. THANKS in Advance!!
Lets pretend that you are a 55 year-old retired graduate of Clarkson University in the far future, and are looking to purchase a life insurance policy to protect your family financially. Since you are an engineer, and not adept at reading legal documents, you bring the plan selected to your lawyer friend. Upon their inspection of the policy, they give you the terms. The initial coverage of the plan is $100,000, and this value increases annually by 35% every year. As an example, if the first year you have $100,000 in coverage, the second year you will have $135,000, and then the third year you will have $182,250. Also, the plan costs $5,000 per year, but as you get older, the cost of the plan goes up 5% annually, in the same manner as the coverage above. There is also one additional cost that the lawyer informs you of. Once you turn 60, there is a one time $3,000 fee that you need to pay in order keep the plan. (a) If you start out with $50,000 set aside to cover the cost of life insurance, will you have enough capital set aside to reach $1,000,000 in coverage? (b) If so, what age will you reach this goal at? Use while loops and if statements to solve this problem, and display the resulting answers using fprintf statements. You should also have a check within your while loop that ensures your capital does not drop below $0, and if it does, it should output something like You will run out of capital to pay for the policy before you hit your goal, and should break out of the while loop.
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