Background: Individuals will frequently put their extra cash into savings account that grow over time due to interest paid by the bank. One form of this is known as compounding interest, where interest is earned on both the initial deposit, and on any interest previously earned. You are to create an app that can calculate and show someone how much then earn if they choose to save. Instructions: 1. Create a Python file A01_R06_CUSN_monthlyBalance.py that shows customers how their deposits grow over time (in units of months). The program should: 1.1. Read the initial balance and the annual interest rate. The interest rate should then be increased by the last digit of your student number (e.g. if your student number is 100123456 and the user inputs 2%, then the interest used for calculations would be 2% + 6% to be 8%) 1.2. Calculate interest that is compounded monthly. 1.3. Print the monthly balance for the entered number of months. The output of your code should resemble the foll Please enter the annual interest rate: 2 Please enter the initial balance: 1000 Please enter the number of months to know the balance: 5 Initial Balance: $1000 Annual Interest Rate: 9% After 1 month: $1007.5 After 2 month: $1015.06 After 3 month: $1022.67 After 4 month: $1030.34 After 5 month: $1038.07 Additional Notes: 1. The green text above represents the user's input. This can be presented on either one line or two lines. The example above also assumes the last digit of the student number is 7 (2+7=9), this will differ according to your student number. 2. Note that savings accounts usually present interest rates as annual percentage rates (APR). For this app, you will need to convert the annual rate into a monthly rate for computing the compounding balance.
Background: Individuals will frequently put their extra cash into savings account that grow over time due to interest paid by the bank. One form of this is known as compounding interest, where interest is earned on both the initial deposit, and on any interest previously earned. You are to create an app that can calculate and show someone how much then earn if they choose to save. Instructions: 1. Create a Python file A01_R06_CUSN_monthlyBalance.py that shows customers how their deposits grow over time (in units of months). The program should: 1.1. Read the initial balance and the annual interest rate. The interest rate should then be increased by the last digit of your student number (e.g. if your student number is 100123456 and the user inputs 2%, then the interest used for calculations would be 2% + 6% to be 8%) 1.2. Calculate interest that is compounded monthly. 1.3. Print the monthly balance for the entered number of months. The output of your code should resemble the foll Please enter the annual interest rate: 2 Please enter the initial balance: 1000 Please enter the number of months to know the balance: 5 Initial Balance: $1000 Annual Interest Rate: 9% After 1 month: $1007.5 After 2 month: $1015.06 After 3 month: $1022.67 After 4 month: $1030.34 After 5 month: $1038.07 Additional Notes: 1. The green text above represents the user's input. This can be presented on either one line or two lines. The example above also assumes the last digit of the student number is 7 (2+7=9), this will differ according to your student number. 2. Note that savings accounts usually present interest rates as annual percentage rates (APR). For this app, you will need to convert the annual rate into a monthly rate for computing the compounding balance.
Programming with Microsoft Visual Basic 2017
8th Edition
ISBN:9781337102124
Author:Diane Zak
Publisher:Diane Zak
Chapter4: The Selection Structure
Section: Chapter Questions
Problem 9E
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Transcribed Image Text:Background:
Individuals will frequently put their extra cash into savings account that grow over time due to interest
paid by the bank. One form of this is known as compounding interest, where interest is earned on both the
initial deposit, and on any interest previously earned. You are to create an app that can calculate and show
someone how much then earn if they choose to save.
Instructions:
1. Create a Python file A01_R06_CUSN_monthlyBalance.py that shows customers how their deposits
grow over time (in units of months). The program should:
1.1. Read the initial balance and the annual interest rate. The interest rate should then be
increased by the last digit of your student number (e.g. if your student number is 100123456
and the user inputs 2%, then the interest used for calculations would be 2% + 6% to be 8%)
1.2. Calculate interest that is compounded monthly.
1.3. Print the monthly balance for the entered number of months.
The output of your code should resemble the following:
Please enter the annual interest rate:
Please enter the initial balance:
1000
Please enter the number of months to know the balance:
Initial Balance: $1000
Annual Interest Rate: 9%
After 1 month: $1007.5
After 2 month: $1015.06
After 3 month: $1022.67
After 4 month: $1030.34
After 5 month: $1038.07
Additional Notes:
1. The green text above represents the user's input. This can be presented on either one line
or two lines. The example above also assumes the last digit of the student number is 7
(2+7=9), this will differ according to your student number.
2. Note that savings accounts usually present interest rates as annual percentage rates (APR).
For this app, you will need to convert the annual rate into a monthly rate for computing
the compounding balance.
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