Create an application, using the following names for the solution and project, respectively: Savings Solution-Function and Savings Project. The application’s interface is shown in Figure 7-31. The interface provides a text box for the user to enter a one-time deposit into a savings account. If no additional deposits or withdrawals are made, how much money will be in the account at the end of one through five years using annual interest rates of 2%, 3%, and 4%? You can calculate the savings account balances using the following formula: b = p * (1 + r)n. In the formula, p is the principal (the amount of the initial deposit), r is the annual interest rate, n is the number of years, and b is the balance in the savings account at the end of the nth year. Use a function to calculate each balance. Display the account balances by year for each rate. In other words, display the balances at the end of each of the five years using the 2% rate, then display the five balances using the 3% rate, and so on. Test the application appropriately.

Transcribed Image Text:

Savings Account Initial deposit Calculate Account balances: Exit IstBalances