Subject: MatLab (5 points) Suppose you can get an annual interest rate r (as a d

Question

Subject: MatLab

(5 points) Suppose you can get an annual interest rate r (as a deci You want to save S dollars over N years. You wil need to make a monthly deposit of r/12 (1 + r/12)12V -1 Emily can afford to save $90 per month. What interest rate will she need in order to have $10,500 in 7 years? Start with an interest rate of = 0.01 (too low). Use a while loop to increase the rate by 0.001 unti the desired output is reached. Your code may look cleaner if you define M as an anonymous function before the while loop

Explanation / Answer

function i = monthly_deposit
fi = @(i) 10500* (i/12)/((1+i/12)^84-1)-90;

i = 0.01;
while (fi(i) > 0)
    i = i+0.001;
  
end
end

i =

    0.0905

i = 9.05 %

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