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I need to make a function for compound interest using for

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I am trying to form a conditional loop to show the growth of money, I put in $1000 and want it to grow by 8% every year for 8 years, but I keep returning the same values.
money=1000;
x=zeros(1,10);
for i=1:10
x(i)=money*1.08
end

Accepted Answer

Dyuman Joshi
Dyuman Joshi on 19 Apr 2024
In case you want the final output -
format shortg
money=1000;
for k=1:10
money=money*1.08;
end
money
money =
2158.9
In case you want the output for each year -
n = 10;
money = 1000*ones(1,n+1);
for k=1:n
money(k+1) = money(k)*1.08;
end
disp(money)
1000 1080 1166.4 1259.7 1360.5 1469.3 1586.9 1713.8 1850.9 1999 2158.9

More Answers (1)

Voss
Voss on 19 Apr 2024
Edited: Voss on 19 Apr 2024
money=1000;
x=zeros(1,8); % x is the balance each year for 8 years
x(1) = money; % initially (1st year) x is 1000
for i=2:numel(x) % loop over years 2 through the end
x(i)=x(i-1)*1.08 % each year's balance is 8% more than the previous year's
end
x = 1x8
1000 1080 0 0 0 0 0 0
<mw-icon class=""></mw-icon>
<mw-icon class=""></mw-icon>
x = 1x8
1.0e+03 * 1.0000 1.0800 1.1664 0 0 0 0 0
<mw-icon class=""></mw-icon>
<mw-icon class=""></mw-icon>
x = 1x8
1.0e+03 * 1.0000 1.0800 1.1664 1.2597 0 0 0 0
<mw-icon class=""></mw-icon>
<mw-icon class=""></mw-icon>
x = 1x8
1.0e+03 * 1.0000 1.0800 1.1664 1.2597 1.3605 0 0 0
<mw-icon class=""></mw-icon>
<mw-icon class=""></mw-icon>
x = 1x8
1.0e+03 * 1.0000 1.0800 1.1664 1.2597 1.3605 1.4693 0 0
<mw-icon class=""></mw-icon>
<mw-icon class=""></mw-icon>
x = 1x8
1.0e+03 * 1.0000 1.0800 1.1664 1.2597 1.3605 1.4693 1.5869 0
<mw-icon class=""></mw-icon>
<mw-icon class=""></mw-icon>
x = 1x8
1.0e+03 * 1.0000 1.0800 1.1664 1.2597 1.3605 1.4693 1.5869 1.7138
<mw-icon class=""></mw-icon>
<mw-icon class=""></mw-icon>

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