Write a program for computing the amount of money in a bank account at the end of each quarter for a period of one year. A quarter is equivalent to 3 months. Assume that the account is created at the beginning of a year (i.e. January 1). The year will be entered at run time through the keyboard. The account has an initial principal that is entered at run time through the keyboard. No deposit or withdrawal is made within the one-year period. The interest is compounded quarterly which means that the interest earned for the first quarter will form part of the principal for the second quarter, the interest earned for the second quarter will form part of the principal for the third quarter and so on. The annual interest rate is 5%. The interest rate for a quarter is computed by dividing the annual interest rate by 4 since there are four quarters in a year. The computational procedure (see algorithm) and the output of the program (see sample run) are shown below. The output includes a table showing the year, quarter number, interest earned and the new principal. The new principal is the amount at the end of the quarter.

Write a program for computing the amount of money in a bank account at the end of each quarter for a period of one year. A quarter is equivalent to 3 months. Assume that the account is created at the beginning of a year (i.e. January 1). The year will be entered at run time through the keyboard. The account has an initial principal that is entered at run time through the keyboard. No deposit or withdrawal is made within the one-year period. The interest is compounded quarterly which means that the interest earned for the first quarter will form part of the principal for the second quarter, the interest earned for the second quarter will form part of the principal for the third quarter and so on. The annual interest rate is 5%. The interest rate for a quarter is computed by dividing the annual interest rate by 4 since there are four quarters in a year. The computational procedure (see algorithm) and the output of the program (see sample run) are shown below. The output includes a table showing the year, quarter number, interest earned and the new principal. The new principal is the amount at the end of the quarter.

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 20PE: When you borrow money to buy a house, a car, or for some other purpose, you repay the loan by making...

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