3. Write a program that takes a bank account balance and an interest rate as an input. And then outputs the value of the account in 10 years. The output should show the value of the account for three different methods of compounding interest: annually, monthly, and daily. When compounded annually, the interest is added once per year at the end of the year. When compounded monthly the interest is added in 12 times per year. When computed daily, the interest is added 365 times per year. You do not have to wory about leap years. Assume all years have 365 days. On annual interest, you can assume that the interest is posted exactly one year from the date of deposit. In other words, you do not have to worry about interest being posted on a specific day of the year, like December 31. Similarly, you can assume monthly interest is posted exactly one month after. Since the account earns interest on the interest, the account should have a higher balance when interest is posted more frequently. Be sure to adjust the interest rate for the time period of the interest. If the rate is 5%, then when posting monthly interest, you use (5/12%).When posting daily interest, you use (5/365)%. Do your calculations using a loop that adds in the interest for each time period. (Do not use some sort of algebraic formula). Your program should have an outer loop that allows the user to repeat this calculation for a new balance and interest rate. The calculation is repeated until the user indicates that she/he wants to end the program. Source Code:
3. Write a program that takes a bank account balance and an interest rate as an input. And then outputs the value of the account in 10 years. The output should show the value of the account for three different methods of compounding interest: annually, monthly, and daily. When compounded annually, the interest is added once per year at the end of the year. When compounded monthly the interest is added in 12 times per year. When computed daily, the interest is added 365 times per year. You do not have to wory about leap years. Assume all years have 365 days. On annual interest, you can assume that the interest is posted exactly one year from the date of deposit. In other words, you do not have to worry about interest being posted on a specific day of the year, like December 31. Similarly, you can assume monthly interest is posted exactly one month after. Since the account earns interest on the interest, the account should have a higher balance when interest is posted more frequently. Be sure to adjust the interest rate for the time period of the interest. If the rate is 5%, then when posting monthly interest, you use (5/12%).When posting daily interest, you use (5/365)%. Do your calculations using a loop that adds in the interest for each time period. (Do not use some sort of algebraic formula). Your program should have an outer loop that allows the user to repeat this calculation for a new balance and interest rate. The calculation is repeated until the user indicates that she/he wants to end the program. Source Code:
C++ Programming: From Problem Analysis to Program Design
8th Edition
ISBN:9781337102087
Author:D. S. Malik
Publisher:D. S. Malik
Chapter5: Control Structures Ii (repetition)
Section: Chapter Questions
Problem 21PE
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Use c language program. provide the source code and screen shot of output. thank you
Transcribed Image Text:3. Write a program that takes a bank account balance and an interest rate as an input. And
then outputs the value of the account in 10 years. The output should show the value of the
account for three different methods of compounding interest: annually, monthly, and daily.
When compounded annually, the interest is added once per year at the end of the year.
When compounded monthly the interest is added in 12 times per year. When computed
daily, the interest is added 365 times per year. You do not have to wory about leap years.
Assume all years have 365 days.
On annual interest, you can assume that the interest is posted exactly one year from the
date of deposit. In other words, you do not have to worry about interest being posted on a
specific day of the year, like December 31. Similarly, you can assume monthly interest is
posted exactly one month after. Since the account earns interest on the interest, the account
should have a higher balance when interest is posted more frequently. Be sure to adjust the
interest rate for the time period of the interest. If the rate is 5%, then when posting monthly
interest, you use (5/12%).When posting daily interest, you use (5/365)%. Do your
calculations using a loop that adds in the interest for each time period. (Do not use some
sort of algebraic formula). Your program should have an outer loop that allows the user to
repeat this calculation for a new balance and interest rate. The calculation is repeated until
the user indicates that she/he wants to end the program.
Source Code:
Transcribed Image Text:Source Code: (Continuation)
Screenshot of Output:
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