Question: (Financial application: compound value) Suppose you save $100 each month into a savings account with the annual interest rate 5%. Thus, the monthly interest rate
(Financial application: compound value) Suppose you save $100 each month into a savings account with the annual interest rate 5%. Thus, 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 a monthly saving amount and displays the account value after the sixth month. (In Exercise 5.30, you will use a loop to simplify the code and display the account value for any month.) */
NB:Make sure to use the NumberFormat coding for currency to display your results.
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