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while/for loops in deposit calculations
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hello, i am trying to work out a problem that i am having with while loops. i have to determine how much to save each month in order to reach a goal of 100836 in 216 months. the interest rate is 5.5 per year. so far, i have written the following script but the number does not seem believable to me.
%minimum deposit in 18 years
n=18*12;
balance= 2000;
deposit=200;
while balance<100836.46
balance=balance*(1+(5.5/1200))+deposit;
deposit=deposit+50+(20*n);
end
disp(deposit)
disp(balance)
i end up getting an odd number which is 35160. i think that the number should be in the 200's assuming that the initial deposit is 200.
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