Using matlab code: The monthly saving P that has to be deposit in a saving accou
ID: 3573711 • Letter: U
Question
Using matlab code: The monthly saving P that has to be deposit in a saving account that pays an annual interest rate of r in order to save a total amount of F in N years can be calculated by the formula: P = F(r/12)/(1 + r/12)^12N - 1 Calculate the monthly saving that has to be deposit in order to save $100,000 in 5, 6, 7, 8, 9, and 10 years if the annual interest rate is 4.35%. Display the results in a two-column table where the first column is the number of years and the second column is the monthly deposit.Explanation / Answer
Write the MATLAB code.
clear, clc
format bank
F=100000; r=4.35; years=5:10;
r=r/100; %converting rate to decimal
m_d=F*(r/12)./((1+/12).^(12*years)-1);
s_t=[years' m_d'];
disp(' Monthly')
disp(' Years Deposit')
disp(s_t)
Write the MATLAB output.
Years MonthlyDeposit
5.00 1494.99
6.00 1218.02
7.00 1020.55
8.00 872.78
9.00 758.13
10.00 666.67
Thus, the monthly deposit for each year is displayed.