Suppose you have a certain amount of money in a savings account that earns compound monthly interest, and you want to ca
Posted: Tue Jul 05, 2022 10:19 am
Suppose you have a certain amount of money in a savings accountthat earns compound monthly interest, and you want to calculate theamount that you will have after a specific number of months. Theformula is as follows:
f = p * (1 + i)^t
•
f
is the future value of the account after the specified timeperiod.
•
p
is the present value of the account (the account's currentbalance).
•
i
is the monthly interest rate.
•
t
is the number of months.
Write a program that takes the account's present value (currentbalance), monthly interest rate, and the number of months that themoney will be left in the account as three inputs from the user.The program should pass these values to a function that returns thefuture value of the account, after the specified number of months.The program should print the account's future value.
Look carefully at the following sample run of the program. Inparticular, notice the wording of the messages and the placement ofspaces and colons. Your program's output must match this.
Sample Run (User input shown in bold)
Enter current bank balance
:35.7↵
Enter interest rate
:0↵
Enter the amount of time that passes
:100↵
35.7
f = p * (1 + i)^t
•
f
is the future value of the account after the specified timeperiod.
•
p
is the present value of the account (the account's currentbalance).
•
i
is the monthly interest rate.
•
t
is the number of months.
Write a program that takes the account's present value (currentbalance), monthly interest rate, and the number of months that themoney will be left in the account as three inputs from the user.The program should pass these values to a function that returns thefuture value of the account, after the specified number of months.The program should print the account's future value.
Look carefully at the following sample run of the program. Inparticular, notice the wording of the messages and the placement ofspaces and colons. Your program's output must match this.
Sample Run (User input shown in bold)
Enter current bank balance
:35.7↵
Enter interest rate
:0↵
Enter the amount of time that passes
:100↵
35.7