Write a program that reads a bank aCcount balance and an interest rate and displays the value of the account in ten years. The output should show the value of the account for three different methods of compounding interest: annually, monthly, and daily. When compounded annually, the interest is added once per year at the end of the year. When compounded monthly, the interest is added 12 times per year. When computed daily, the interest is added 365 times per year. You do not have to worry about leap years; assume that all years have 365 days. For annual interest, you can assume that the interest is posted exactly one year from the date of deposit. In other words, you do not have to worry about interest being posted on a specific day of the year, such as December 31. Similarly, you can assume that monthly interest is posted exactly one month after it is deposited. Since the account earns in- terest on the interest, it should have a higher balance when interest is posted more frequently. Be sure to adjust the interest rate for the time period of the interest. If the rate is 5 percent, you use 5/12 percent when posting monthly interest and 5/365 percent when posting daily interest. Perfom this calcula- tion using a loop that adds in the interest for each time period, that is, do not use some sort of algebraic formula. Your program should have an outer loop that allows the user to repeat this calculation for a new balance and interest rate. The calculation is repeated until the user asks to end the program.
Write a program that reads a bank aCcount balance and an interest rate and displays the value of the account in ten years. The output should show the value of the account for three different methods of compounding interest: annually, monthly, and daily. When compounded annually, the interest is added once per year at the end of the year. When compounded monthly, the interest is added 12 times per year. When computed daily, the interest is added 365 times per year. You do not have to worry about leap years; assume that all years have 365 days. For annual interest, you can assume that the interest is posted exactly one year from the date of deposit. In other words, you do not have to worry about interest being posted on a specific day of the year, such as December 31. Similarly, you can assume that monthly interest is posted exactly one month after it is deposited. Since the account earns in- terest on the interest, it should have a higher balance when interest is posted more frequently. Be sure to adjust the interest rate for the time period of the interest. If the rate is 5 percent, you use 5/12 percent when posting monthly interest and 5/365 percent when posting daily interest. Perfom this calcula- tion using a loop that adds in the interest for each time period, that is, do not use some sort of algebraic formula. Your program should have an outer loop that allows the user to repeat this calculation for a new balance and interest rate. The calculation is repeated until the user asks to end the program.
Chapter5: Making Decisions
Section: Chapter Questions
Problem 4PE
Related questions
Question
Transcribed Image Text:Write a program that reads a bank account balance and an interest rate and
displays the value of the account in ten years. The output should show the
value of the account for three different methods of compounding interest:
annually, monthly, and daily. When compounded annually, the interest is
added once per year at the end of the year. When compounded monthly,
the interest is added 12 times per year. When computed daily, the interest is
added 365 times per year. You do not have to worry about leap years; assume
that all years have 365 days. For annual interest, you can assume that the
interest is posted exactly one year from the date of deposit. In other words,
you do not have to worry about interest being posted on a specific day of the
year, such as December 31. Similarly, you can assume that monthly interest
is posted exactly one month after it is deposited. Since the account earns in-
terest on the interest, it should have a higher balance when interest is posted
more frequently. Be sure to adjust the interest rate for the time period of the
interest. If the rate is 5 percent, you use 5/12 percent when posting monthly
interest and 5/365 percent when posting daily interest. Perform this calcula-
tion using a loop that adds in the interest for each time period, that is, do not
use some sort of algebraic formula. Your program should have an outer loop
that allows the user to repeat this calculation for a new balance and interest
rate. The calculation is repeated until the user asks to end the program.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, computer-science and related others by exploring similar questions and additional content below.Recommended textbooks for you
EBK JAVA PROGRAMMING
Computer Science
ISBN:
9781337671385
Author:
FARRELL
Publisher:
CENGAGE LEARNING - CONSIGNMENT
C++ Programming: From Problem Analysis to Program…
Computer Science
ISBN:
9781337102087
Author:
D. S. Malik
Publisher:
Cengage Learning
EBK JAVA PROGRAMMING
Computer Science
ISBN:
9781337671385
Author:
FARRELL
Publisher:
CENGAGE LEARNING - CONSIGNMENT
C++ Programming: From Problem Analysis to Program…
Computer Science
ISBN:
9781337102087
Author:
D. S. Malik
Publisher:
Cengage Learning