Question

One bank pays 5.5 percent annual interest, while a second bank pays
4.5 percent annual interest. Determine how much longer it will take to
accumulate at least $50 000 in the second bank account if you deposit
$1000 initially and $1000 at the end of each year.

need help writing a script for matlab using the for,while loops.

this is what i have so far but its not giving me anything.


r2=.045;
P=1000;
n=1;
count=0

for t=0:99
A=P(1+r2/n)^(nt);
if A<50000
A=P(1+r2/n)^nt;
count=t
end

end

disp(count)

Answer 1

amount= 1000;
k=0;
while amount < 50000
k=k+1;
amount =amount*1.045 +1000;
end
amount
k

amount = 5.0711e+004
k = 26
this is the correct answer