Problem 44932. Compound Interest Rate Calculation With Yearly Deposition Into A Bank Account

Created by Xuan Yee

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{"relationships":[{"relationshipType":"http://schemas.mathworks.com/matlab/code/2013/relationships/document","relationshipId":"rId1","target":"/matlab/document.xml"},{"relationshipType":"http://schemas.mathworks.com/matlab/code/2013/relationships/output","relationshipId":"rId2","target":"/matlab/output.xml"}],"parts":[{"partUri":"/matlab/document.xml","relationship":[],"contentType":"application/vnd.mathworks.matlab.code.document+xml","content":"<?xml version=\"1.0\" encoding=\"UTF-8\"?><w:document xmlns:w=\"http://schemas.openxmlformats.org/wordprocessingml/2006/main\"><w:body><w:p><w:pPr><w:pStyle w:val=\"text\"/></w:pPr><w:r><w:t>The problem adds a twist to the compound interest calculation by having the bank account owner depositing a fixed amount of money annually. The interest rate is compounded annually.</w:t></w:r></w:p><w:p><w:pPr><w:pStyle w:val=\"text\"/><w:jc w:val=\"left\"/></w:pPr><w:r><w:t>This function allows the user to input four variable inputs: the principle amount in the account (principle_amount), the yearly addition/deposition (yearly_deposition), the number of years elapsed (number_years), and the yearly interest rate (interest_rate) in decimals eg. 0.05 for a 5% interest rate.</w:t></w:r></w:p><w:p><w:pPr><w:pStyle w:val=\"text\"/><w:jc w:val=\"left\"/></w:pPr><w:r><w:t>It outputs the total amount y (in the bank account) after the number of years elapsed.</w:t></w:r></w:p></w:body></w:document>"},{"partUri":"/matlab/output.xml","contentType":"text/xml","content":"<?xml version=\"1.0\" encoding=\"UTF-8\" standalone=\"no\" ?><embeddedOutputs><metaData><evaluationState>manual</evaluationState><layoutState>code</layoutState><outputStatus>ready</outputStatus></metaData><outputArray type=\"array\"/><regionArray type=\"array\"/></embeddedOutputs>"}]}

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Last Solution submitted on Aug 22, 2020

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easy function