Suppose you save $100 each month into a savings account with the annual interest rate 5%. So, the monthly interest rate is 0.05 / 12= 0.00417. After the first month, the value in the account becomes 100 * (1 + 0.00417) = 100.417After the second month, the value in the account becomes(100 + 100.417) * (1 + 0.00417) = 201.252 After the third month, the value in the account becomes(100 + 201.252) * (1 + 0.00417) = 302.507 and so on.Write a program that prompts the user to enter an amount (e.g., 100), the annual interest rate (e.g., 5), and the number of months (e.g., 6) and displays the amount in the savings account after the given month.
Suppose you save $100 each month into a savings account with the annual interest rate 5%. So, the monthly interest rate is 0.05 / 12= 0.00417. After the first month, the value in the account becomes 100 * (1 + 0.00417) = 100.417After the second month, the value in the account becomes(100 + 100.417) * (1 + 0.00417) = 201.252 After the third month, the value in the account becomes(100 + 201.252) * (1 + 0.00417) = 302.507 and so on.Write a program that prompts the user to enter an amount (e.g., 100), the annual interest rate (e.g., 5), and the number of months (e.g., 6) and displays the amount in the savings account after the given month.
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
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Suppose you save $100 each month into a savings account with the annual interest rate 5%. So, the monthly interest rate is 0.05 / 12= 0.00417. After the first month, the value in the account becomes
100 * (1 + 0.00417) = 100.417
After the second month, the value in the account becomes
(100 + 100.417) * (1 + 0.00417) = 201.252
After the third month, the value in the account becomes
(100 + 201.252) * (1 + 0.00417) = 302.507
and so on.
Write a program that prompts the user to enter an amount (e.g., 100), the annual interest rate (e.g., 5), and the number of months (e.g., 6) and displays the amount in the savings account after the given month.
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