Simpler way to write this scrip.

I wrote this script but its overcomplicated could someone give some advice how to simplify the scrip.

2. The question: Use a while loop in MATLAB to determine how long it will take to accumulate at least 10,000$ in a bank account if you deposit $1000 initially and $500 at the end of each year, assuming the APR is 5%.

clear;

clc;

balance = 1000;%initial deposit

target_balance = 10000;%target balance to reach

deposit = 500;% deposit at the end of each year

interest_rate = 0.05; % APR

years =0;%number of years

while balance < target_balance;

years = years + 1%increment the years

principal = balance+(balance*interest_rate)%calculate the interest accumulated at the end of the year

balance = balance+deposit%adddeposit at the end of the year

fprintf('After year %d, the balance in your account is $%.2f\n',years,balance);

end

fprintf('Final balance after %d years :$%.2f\n',years,balance);

Answer 1

[David Hill]

Time=0;
balance=1000;
while balance<10000
    balance=500 + 1.05*balance;
    Time=Time+1;
end
display(Time);