Problem Description:

Suppose you save $100 each month into a savings account with 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 input a monthly saving amount and displays the account value after the sixth month. (Do not use loops, it is perfectly fine if you do not know what it is).

Here is a sample test run:

Sample 1:

Enter the monthly saving amount: 100

After the sixth month, the account value is $608.81