How much money will accumulate in five years

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Reference no: EM131220051

Suppose you project that you will be able to deposit the following monthly amounts into a savings account for a period of five years. The account initially has no money in it.

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At the end of each year in which the account balance is at least $3000, you withdraw $2000 to buy a certificate of deposit (CD), which pays 6 percent interest compounded annually.

Write a MATLAB program to compute how much money will accumulate in five years in the account and in any CDs you buy. Run the program for two different savings interest rates: 4 percent and 5 percent.

Reference no: EM131220051

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