Question

C++ Program

Write an algorithm to settle the following question: A bank account starts out with $10,000. Interest is compounded monthly at 6 percent per year (0.5 percent per month). Every month, $500 is withdrawn to meet college expenses. After how many years is the account depleted?

Answer 1

Answer:

Explanation:

while loop is used until balance of account becomes zero.

On every iteration, 500 dollars are deducted and 0.5 interest is added. Alongwith that, count variable keeps incrementing to count the months.

#include <iostream>

using namespace std;

int main()
{
float balance = 10000;
float interest = 0.5;
int count = 0;
while(balance>0)
{
balance = balance - 500 + (float)(balance*interest/100);
count++;
}
  
cout<<"Months: "<<count<<endl;
cout<<"Years: "<<(float)count/12<<endl;
return 0;
}

Output:

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