Question

Write C++ program for a compound interest calculator.

Ask the user for dep = initial deposit r = interest rate expressed as a fraction (example: .06) t = years If we assume that the money is compounded on a monthly basis, the formula is: double final = dep * pow( 1 + r/12.0 , 12.0*t ); Then display the final amount. To earn full credit, comment your code well.

Supposedly, with a deposit of 1000, and 5% interest (0.05), for 10 years, you wind up with a balance of 1647.01. See if your program equals that! If not, see if you can find a flaw in the expression.

Answer 1

ANSWER: Here I am giving you the code and output if you have any problem then comment or like it please.

CODE:

#include<iostream>
#include<math.h>

using namespace std;

int main()
{
   float dep,r,t;
   double final ;
  
   cout<<"Enter initial deposit, interest rate and Time: ";
   cin>>dep>>r>>t;
  
   final =dep*pow( (1 + r/12.0 ), 12.0*t ); // Calculating the compound interest.
  
   cout<<" Compound Interest = "<<final ;

   return 0;
}

OUTPUT: