Question: Compounded Interest Earned - Assume no additional deposits are made other than the original investment. The balance in an account after one year may be

Compounded Interest Earned - Assume no additional deposits are made other than the original investment. The balance in an account after one year may be calculated as:

New Balance = Principal*(1+rate/T)^T

Principal is the opening balance in the account. Rate is the interest rate and T is the number of times the interest is compounded during a year (T is 4 if the interest is compounded quarterly). Write a program that prompts the user for the principal, the interest rate, and the number of times the interest is compounded.

The output must be formatted in the following format:

Interest Rate: 4.25%

Times Compounded: 12

Principal: $1000.00

Interest: $43.34

Amount in Savings: 1043.34

C++

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Databases Questions!

help with the following questions, as soon as possible 10:57 Under ideal conditions, a certain bacteria population is known to double every 6 hours. Suppose there are initially 700 bacteria. a) What...

Please help me answer the following Use the compound interest formula to compute the balance in the following account after the stated period of time, assuming interest is compounded annually. $9000...

Question content area top Part 1 Company XYZ closed at $104.89 per share with a P/E ratio of 12.46. Answer the following questions. a. How much were earnings per share? b. Does the stock seem...

Mr . White serves as financial secretary and treasurer of a church in a small town. His responsibilities include maintaining all accounting records, receiving pledge income and plate collections, and...

Hello, I need help with all of these questions. . (Bennett&Briggs 2015, 43) Suppose you deposit $5,000 in your saving account at 3% APR (compounded annually). [4] a} What will be your balance in the...

LEARNING COMPETENCIES After studying this module, you will be able to do the following: Find the amount of simple and compound interest; Ascertain exact, ordinary interest, maturity value, and simple...

You helped me a couple of weeks ago. I was wondering if i could setup a time for tomorrow that you could be available to help me with some questions. I will pay $20 per question. They are short and I...

Need help with case C and D and Chart. Thanks Case A - You have decided to start planning for your retirement. You already have $11,000 in your investment account. You plan to put an additional...

Part 1 CD Investment Suppose that you have $10,000 that you would like to use toward the purchase of a house. The houses that you are interested in buying have an average value of $135,000. In order...

In rich countries, governments almost always set the fares for taxi rides. The prices for taxi rides are the same in safe neighborhoods and in dangerous neighborhoods. Where is it easier to find a...

(a) A forward-bias voltage of 15.0 mV produces a positive current of 9.25mA through a p-n junction at 300 K. What does the positive current become if the forward-bias voltage is reduced to 10.0mV?...

Disscuation need to submit in the university. please provide uniuqe points with refrences Discuss the concept of Linear SVM Classification. How does it work, and why is it particularly suitable for...

You purchased anannual coupon paying bond one year back (in the past) that had 6 years remaining to maturity at that time. The coupon interest rate was 10% and the par value was $1,000. At the time...

The city in which you go to school needs a new administration building. One location being considered for the building site is a public park in the downtown area. If this park area is used, many...

Technology. You are a customer service representative for the Trax Computer Corporation. The companys office is located in San Mateo, California, but your customers represent all areas of the United...

Star Electric has provided electricity to the area for many years. Recently, Star upgraded all of its wiring to fiber optics and is expanding into digital cable services. As marketing manager for...