I need to make a function for compound interest using for

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

Answer 1

[Dyuman Joshi]

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

Answer 2

[Voss]

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

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x = 1x8

1.0e+03 * 1.0000 1.0800 1.1664 0 0 0 0 0

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x = 1x8

1.0e+03 * 1.0000 1.0800 1.1664 1.2597 0 0 0 0

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x = 1x8

1.0e+03 * 1.0000 1.0800 1.1664 1.2597 1.3605 0 0 0

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x = 1x8

1.0e+03 * 1.0000 1.0800 1.1664 1.2597 1.3605 1.4693 0 0

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x = 1x8

1.0e+03 * 1.0000 1.0800 1.1664 1.2597 1.3605 1.4693 1.5869 0

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x = 1x8

1.0e+03 * 1.0000 1.0800 1.1664 1.2597 1.3605 1.4693 1.5869 1.7138

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