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Question [15 points]: Savings accounts state an interest rate and a compounding period. If the amount deposited is P, the stated interest rate is r, and interest is compounded m times per year, then the balance in the account after one year is P:(1 + rm). For instance , if S1,000 is 1,000.(1 +93) -93) * = 1,00 - 1.0075* = $1,030.34 deposited at 3% interest compounded quarterly (that is, four times per year), then the balance after one year is ( Interest rates with different compounding periods cannot be compared directly. The concept of APY(annual percentage yield) must be used to make the comparison. The APY for a stated interest rate r compounded m times per year is defined by APY = = (1 + . )"- + 1. (The APY is the simple interest rate that yields the same amount of interest after one year as the compounded annual rate of interest.) m m Suppose there are two banks offering different annual rates with different compounding periods. Write a program to compare their interest rates and determine the most favorable interest rate. 1) Let the user enter the annual interest rates and the compounding periods for the two banks. 2) Calculate the APY for the two banks and compare them. The output should resemble the following. Enter annual rate of interest for Bank 1: 2.7 Enter number of compounding periods for Bank 1: 2 Enter annual rate of interest for Bank 2: 2.69 Enter number of compounding periods for Bank 2: 52 APY for Bank 1 is 2.718% APY for Bank 2 is 2.726% Bank 2 is the better bank.