Suppose you save $100 each month into a savings account with the annual interest rate 5%. So,

Question:

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.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Question Posted: