Interest EarnedAssuming there are no deposits other than the original investment, the bala...
Interest Earned
Assuming there are no deposits other than the original investment, the balance in a savings account after one year may be calculated as
Principal is the balance in the savings account, Rate is the interest rate, and T is the number of times the interest is compounded during a year (T is 4 if the interest is compounded quarterly).
Write a program that asks for the principal, the interest rate, and the number of times the interest is compounded. It should display a report similar to
Interest Rate: | 4.25% |
Times Compounded: | 12 |
Principal: | $ 1000.00 |
Interest: | $ 43.34 |
Amount in Savings: | $ 1043.34 |
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