Simpler way to write this scrip.
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I wrote this script but its overcomplicated could someone give some advice how to simplify the scrip.
2. The question: Use a while loop in MATLAB to determine how long it will take to accumulate at least 10,000$ in a bank account if you deposit $1000 initially and $500 at the end of each year, assuming the APR is 5%.
clear;
clc;
balance = 1000;%initial deposit
target_balance = 10000;%target balance to reach
deposit = 500;% deposit at the end of each year
interest_rate = 0.05; % APR
years =0;%number of years
while balance < target_balance;
years = years + 1%increment the years
principal = balance+(balance*interest_rate)%calculate the interest accumulated at the end of the year
balance = balance+deposit%adddeposit at the end of the year
fprintf('After year %d, the balance in your account is $%.2f\n',years,balance);
end
fprintf('Final balance after %d years :$%.2f\n',years,balance);
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Answers (1)
David Hill
on 3 Dec 2019
Time=0;
balance=1000;
while balance<10000
balance=500 + 1.05*balance;
Time=Time+1;
end
display(Time);
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