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Question $1$: Simulating Monthly Premium Calculations for Insurance Policies

Scenario: Imagine an insurance company that needs to calculate the monthly premiums for a set of insurance

policies. Each policy has a base premium, and the final premium is adjusted based on the age of the

policyholder. The goal is to simulate the calculation of the monthly premiums for a set of policyholders.

The premium for each policyholder will grow cumulatively based on an interest rate that depends on the age of

the policyholder. The interest rate is higher for younger policyholders and elderlies, similar to how certain

bonds work. This means that the premium will grow exponentially each month based on the monthly interest.

Problem Statement: You are required to write a program that simulates the monthly premium calculations for

a set of insurance policies. The program should:

Initialize the base premium for each policy.

Use nested loops to update the premium for each policyholder based on their age.

Use if$-$else statements to determine the interest rate based on the age of the policyholder.

Print the premium for each policyholder at each month.

Use a while loop to simulate the premium calculations over a specified number of months.

Assumptions:

There are $3$ policyholders.

The base premium for each policy is $$100.$

The interest rates based on age are as follows:

If the policyholder is under $25,$ the interest rate is $10\%.$

If the policyholder is between $25$ and $50,$ the interest rate is $5\%.$

If the policyholder is over $50,$ the interest rate is $7\%.$

The simulation runs for $3$ months.

Instructions $($for reference$)$:

Initialize an array representing the base premium for each policyholder.

Use nested loops to iterate through each policyholder.

Use if$-$else statements to apply age$-$based adjustments to the premiums.

Update the premium for each policyholder based on their age.

Print the premium for each policyholder at each month.

Use a while loop to simulate the premium calculations over $3$ months.

Deliverables:

A well$-$commented code that simulates the monthly premium calculations for the insurance policies.

A brief explanation of how the code works.

Sample Output:

Enter age $1$ between $0$ and $100$: $20$ Month $2$

Enter age $2$ between $0$ and $100$: $50$ Policyholder $1$ Premium: $121\mathrm{.}0$

Enter age $3$ between $0$ and $100$: $99$ Policyholder $2$ Premium: $110\mathrm{.}25$

Month $1$

Policyholder $1$ Premium: $110\mathrm{.}0$ Month $3$

Policyholder $2$ Premium: $105\mathrm{.}0$ Policyholder $1$ Premium: $133\mathrm{.}1$

Policyholder $3$ Premium: $107\mathrm{.}0$ Policyholder $2$ Premium: $115\mathrm{.}76$

Policyholder $3$ Premium: $122\mathrm{.}5$