2. When the user continues, the console should display two static reports. One should show the year-end balances and year-end earned interest if no additional monthly deposits are made. The second should show the year-end balances and year-end earned interest based on the monthly deposit value that was input by the user ($50.00 in this example). The following is an example of what your interface might look like. It is in no way representative of what it must look like. Be creative and keep the user experience in mind when designing your solution. Balance and Interest Without Additional Monthly Deposits Year End Balance Year End Earned Interest Year 1 2 3 4 5 Year 1 2 3 $1.05 $1.10 5 $1.16 $1.22 $1.28 Balance and Interest With Additional Monthly Deposits Year End Balance Year End Earned Interest $617.55 $1265.65 $1946.90 $2663.01 $0.05 $0.05 $3415.76 $0.06 $0.06 $0.06 $16.55 $48.10 $81.25 $116.11 $152.75 3. The user should be able to test different monthly deposit amounts, interest rates, and lengths of time to see how increases and decreases impact their investment growth.
The user should be able to test different monthly deposit amounts, interest rates, and lengths of
time to see how increases and decreases impact their investment growth.
4. Your code will need to account for the following:
a. Month: The number of months based on user input in the “Number of Years” field
b. Opening Amount: The initial investment amount as well as the opening balance each
month, which includes interest
c. Deposited Amount: The dollar amount the user plans to deposit each month. This value
will be the same every month for the duration of the investment.
d. Total: The sum of the opening and deposited amounts
e. Interest: Money earned based on the “annual interest” rate input by the user. The
interest based on an opening amount of $1 and a deposited amount of $50 with an
interest rate of 5% compounded monthly is:
(Opening Amount + Deposited Amount) * ((Interest Rate/100)/12)
OR
(1 + 50) * ((5/100)/12)
Note: Dividing by 100 converts the interest rate percentage to a decimal.
Note: 12 is the number of months in a year. Dividing the yearly amount by twelve gives
monthly compounded interest.
f. Closing Balance: The sum of the total and interest amounts
As an example, this chart illustrates how compound interest is calculated based on an initial
investment amount of $1.00 with additional monthly deposits of $50.00 at 5% interest over 5
years.
Note: Months 6–58 have been omitted, and these calculations are rounded to the nearest cent.
Month Opening Amount Deposited Amount $ Total $ Interest Closing Balance
1 1.00 50.00 51.00 0.21 51.21
2 51.21 50.00 101.21 0.42 101.63
3 101.63 50.00 151.63 0.63 152.27
4 152.27 50.00 202.27 0.84 203.11
5 203.11 50.00 253.11 1.05 254.16
... ... ... ... ... ...
59 3,287.68 50.00 3,337.68 13.91 3,351.58
60 3,351.58 50.00 3,401.58 14.17 3,415.76
5. It is important to note that the institution not only adheres to banking best practices but also
complies with industry regulations. To ensure consistency and quality, Airgead Banking requires
that all developers follow a set of strict best practices rules so that all written code is
transferable, readable, and reusable. You will find their standards document in the Supporting
Materials section.
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