Suppose you project that you will be able to deposit the following monthly amounts into a saving account for a period of 5 years. The account initially has no money in it.
Year 1 2 3 4 5
Monthly deposit 300 350 350 350 400
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 5 years in the account and in any CDs you buy. Run the program for two different savings interest rates: 4 percent and 5 percent.