Imagine that you are a proud new parent. You decide to start a college savings plan now for your child, hoping to have e

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Imagine that you are a proud new parent. You decide to start a
college savings plan now for your child, hoping to have enough
in 18 years to pay the sharply rising cost of
education. Suppose that your parents gave you $1000 to get
started and that each month you can contribute $100. Suppose
also that the interest rate is 6% per year compounded monthly,
which is equivalent to 0.5% each month. Because of interest
payments and your contributions, each month your balance will
increase accordingly.

Part (A):

Use a for lop to find the amount in the savings for each month for
the next 18 years. After the loop ends, create a time vector
that has the same length as the savings vector. Plot the
amount in the savings account as a function of time in years. Add a
text on the plot that gives the total amount in the savings at
the end of 18 years.

Part (B):

Imagine you have a crystal ball and can predict the percentage
increases in tuition for the next 22 years. The following
vector increase shows your predictions, in percent for each
year:
𝑖𝑛𝑐𝑟𝑒𝑎𝑠𝑒= [10, 8, 10, 16, 15, 4, 6, 7, 8, 10, 8, 12, 14, 15, 8, 7,
6, 5, 7, 8, 9, 8, ]

Create the increase vector and use a for lop to determine the cost
of a 4-year education for your child who will be attending
college 18 years from now, assuming the current cost for
1 year at a state college is $5000.

Plot the college cost on the same plot as the college savings data.
To plot the college cost, you’ll need to create a new time
vector that covers the 23 year period. Calculate the total
cost of the 4-year education for your child, attending school 18
years from now. Add that text to the plot.

Create an if statement to compare the savings vs the cost of
college. Are you saving
enough?

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