One type of investment is where you make a single deposit (called the principal) and then let interest add to the balance amount in the account. In this situation, the balance in a savings account may be calculated with this formula: rate nt balance = principal(1+ n where principal is the amount deposited rate is the yearly interest rate as a decimal (for example 0.045 is 4.5%) n is the number of times interest is compounded per year t is the number of years the money is left in the account As an example, if I deposit $450.00 at 1.2% interest, compounded twice a year, then at the end of 6 years, I should have a balance in the account of $483.49. That means my investment earned me $33.49 over the course of six years (not a good investment). Program specifications: Input: your program should ask the user for the amount of principal, the interest rate as a percent (like 1.2), the number of times interest is compounded per year, and the number of years that the investment will last. Output: the output should be in the form shown below. For instance, if the user entered the values in my example, your output would look like: Principal : $450.00 Interest rate : 1.200% Compounding times yearly : 2 Years : 6 Ending balance : $483.49 Amount of interest : $33.49 Additional notes: 1. This program should follow the General Program Format Rules 2. The colons should line up 3. The number of decimal places is important 4. The more the form of your output looks like the example, the better 5. A program that won't even compile is not acceptable! Make sure it runs! I will be running your program and checking it with different values than those of the example. You should do the same to see if it's working correctly.
One type of investment is where you make a single deposit (called the principal) and then let interest add to the balance amount in the account. In this situation, the balance in a savings account may be calculated with this formula: rate nt balance = principal(1+ n where principal is the amount deposited rate is the yearly interest rate as a decimal (for example 0.045 is 4.5%) n is the number of times interest is compounded per year t is the number of years the money is left in the account As an example, if I deposit $450.00 at 1.2% interest, compounded twice a year, then at the end of 6 years, I should have a balance in the account of $483.49. That means my investment earned me $33.49 over the course of six years (not a good investment). Program specifications: Input: your program should ask the user for the amount of principal, the interest rate as a percent (like 1.2), the number of times interest is compounded per year, and the number of years that the investment will last. Output: the output should be in the form shown below. For instance, if the user entered the values in my example, your output would look like: Principal : $450.00 Interest rate : 1.200% Compounding times yearly : 2 Years : 6 Ending balance : $483.49 Amount of interest : $33.49 Additional notes: 1. This program should follow the General Program Format Rules 2. The colons should line up 3. The number of decimal places is important 4. The more the form of your output looks like the example, the better 5. A program that won't even compile is not acceptable! Make sure it runs! I will be running your program and checking it with different values than those of the example. You should do the same to see if it's working correctly.
C++ Programming: From Problem Analysis to Program Design
8th Edition
ISBN:9781337102087
Author:D. S. Malik
Publisher:D. S. Malik
Chapter5: Control Structures Ii (repetition)
Section: Chapter Questions
Problem 20PE: When you borrow money to buy a house, a car, or for some other purpose, you repay the loan by making...
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Hello, I need to solve this problem with C++
Transcribed Image Text:One type of investment is where you make a single deposit (called the
principal) and then let interest add to the balance amount in the account.
In this situation, the balance in a savings account may be calculated with
this formula:
rate
nt
balance = principal(1+
n
where principal is the amount deposited
rate is the yearly interest rate as a decimal (for example 0.045 is 4.5%)
n is the number of times interest is compounded per year
t is the number of years the money is left in the account
As an example, if I deposit $450.00 at 1.2% interest, compounded twice a year, then at the
end of 6 years, I should have a balance in the account of $483.49. That means my investment
earned me $33.49 over the course of six years (not a good investment).
Program specifications:
Input: your program should ask the user for the amount of principal, the interest rate as a
percent (like 1.2), the number of times interest is compounded per year, and the number of
years that the investment will last.
Output: the output should be in the form shown below. For instance, if the user entered the
values in my example, your output would look like:
Principal : $450.00
Interest rate : 1.200%
Compounding times yearly : 2
Years : 6
Ending balance : $483.49
Amount of interest : $33.49
Additional notes:
1. This program should follow the General Program Format Rules
2. The colons should line up
3. The number of decimal places is important
4. The more the form of your output looks like the example, the better
5. A program that won't even compile is not acceptable! Make sure it runs!
I will be running your program and checking it with different values than those of the example.
You should do the same to see if it's working correctly.
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