Question: Please write the problem above for PYTHON WEEKLY Task2 Joe plans to open a bank account with a starting principal amount. On 31st December of

Please write the problem above for PYTHON
WEEKLY Task2 Joe plans to open a bank account with a starting principal amount. On 31st December of each year, this bank pays an interest on the balnce of the account. On January 1st the new balance for the new year is the sum of the previous balance and the total interest earned on Dec 31st. The interest for the new year is also increased by an interest rate increament. The interest rate is capped at 6% i.e it remains constant at 6% over the subsequent years. You need to write python code that will input the following information from the keyboard Starting interest rate Interest rate increment Your code then should output on separate lines the balance on Jan 1st of each year and continue until the final balance becomes equal or more than two times the initial balance. At the end the program should write a message: "Your initial principal will be doubled in xx years
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
