MATLAB: Using a loop to find out how long and how many terms

Question

So I have a problem that asks me to give a loop to see how long it takes to accumulate $1,000,000 in a bank account if you deposit $10,000 initially and $10,000 at the end of each year. Also the account pays 6% interest (0.06) each year.

Note:(The answer is 33 years, after 33 years the amount will be $1,041,800)

I've tried a while loop and can't arrive at that.

Please I need help!

Here is code I have so far:

money=10000; k=0; max=30;

while k > max

    k=k+1;
    money=money-(0.06*money);
    if money > 1000000
        break;
    end

end

Answer 1

Check your math

clc;clear
dep = 10000;
account = 10000;
year = 0;
while account < 1000000
    year = year+1;
    account = account*1.06 + dep;
end
sprintf('after %d years, the total is %7.0f dollars',year,account)