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 5 years. The output should show the value of the account for two different methods of compounding interest: annually and monthly. 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. 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%). 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.OUTPUT 1Bank Account Balance: 100Interest Rate: 5Mode Menu[1] Annually[2] MonthlyOption: 1Annually InterestBank Account Balance in Year 1: 105.00Bank Account Balance in Year 2: 110.25Bank Account Balance in Year 3: 115.76Bank Account Balance in Year 4: 121.55Bank Account Balance in Year 5: 127.63OUTPUT 2Bank Account Balance: 100Interest Rate: 5Mode Menu[1] Annually[2] MonthlyOption: 2Monthly InterestYear 1Bank Account Balance in Month 1: 100.42Bank Account Balance in Month 2: 100.84Bank Account Balance in Month 3: 101.26Bank Account Balance in Month 4: 101.68Bank Account Balance in Month 5: 102.10Bank Account Balance in Month 6: 102.53Bank Account Balance in Month 7: 102.95Bank Account Balance in Month 8: 103.38Bank Account Balance in Month 9: 103.81Bank Account Balance in Month 10: 104.25Bank Account Balance in Month 11: 104.68Bank Account Balance in Month 12: 105.12Year 2Bank Account Balance in Month 1: 105.55Bank Account Balance in Month 2: 105.99Bank Account Balance in Month 3: 106.44Bank Account Balance in Month 4: 106.88Bank Account Balance in Month 5: 107.32Bank Account Balance in Month 6: 107.77Bank Account Balance in Month 7: 108.22Bank Account Balance in Month 8: 108.67Bank Account Balance in Month 9: 109.12Bank Account Balance in Month 10: 109.58Bank Account Balance in Month 11: 110.04Bank Account Balance in Month 12: 110.49Year 3Bank Account Balance in Month 1: 110.95Bank Account Balance in Month 2: 111.42Bank Account Balance in Month 3: 111.88Bank Account Balance in Month 4: 112.35Bank Account Balance in Month 5: 112.82Bank Account Balance in Month 6: 113.29Bank Account Balance in Month 7: 113.76Bank Account Balance in Month 8: 114.23Bank Account Balance in Month 9: 114.71Bank Account Balance in Month 10: 115.19Bank Account Balance in Month 11: 115.67Bank Account Balance in Month 12: 116.15Year 4Bank Account Balance in Month 1: 116.63Bank Account Balance in Month 2: 117.12Bank Account Balance in Month 3: 117.61Bank Account Balance in Month 4: 118.10Bank Account Balance in Month 5: 118.59Bank Account Balance in Month 6: 119.08Bank Account Balance in Month 7: 119.58Bank Account Balance in Month 8: 120.08Bank Account Balance in Month 9: 120.58Bank Account Balance in Month 10: 121.08Bank Account Balance in Month 11: 121.58Bank Account Balance in Month 12: 122.09Year 5Bank Account Balance in Month 1: 122.60Bank Account Balance in Month 2: 123.11Bank Account Balance in Month 3: 123.62Bank Account Balance in Month 4: 124.14Bank Account Balance in Month 5: 124.65Bank Account Balance in Month 6: 125.17Bank Account Balance in Month 7: 125.70Bank Account Balance in Month 8: 126.22Bank Account Balance in Month 9: 126.74Bank Account Balance in Month 10: 127.27Bank Account Balance in Month 11: 127.80Bank Account Balance in Month 12: 128.34I will rate! CodioProjectFileEditFindViewToolsEducationHelpCompile & RunProject Index (static)O Debug Current Filetask3.c4. Task 3: Using a...Your code goes here...Collapse>4. Task 3: Using a nested loopWrite a program that takes abank account balance and aninterest rate as an input. Andthen outputs the value of theaccount in 5 years. The outputshould show the value of the100% (1:0)C

Since you are not specify any language for implementation I am doing in C language. Program…

Answered: ask3.c 4. Task 3: Using a.. 1 Your code…

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

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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 5 years. The output should show the value of the account for two different methods of compounding interest: annually and monthly. 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. 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%). 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.

OUTPUT 1
Bank Account Balance: 100
Interest Rate: 5
Mode Menu
[1] Annually
[2] Monthly
Option: 1
Annually Interest
Bank Account Balance in Year 1: 105.00
Bank Account Balance in Year 2: 110.25
Bank Account Balance in Year 3: 115.76
Bank Account Balance in Year 4: 121.55
Bank Account Balance in Year 5: 127.63

OUTPUT 2
Bank Account Balance: 100
Interest Rate: 5
Mode Menu
[1] Annually
[2] Monthly
Option: 2
Monthly Interest
Year 1
Bank Account Balance in Month 1: 100.42
Bank Account Balance in Month 2: 100.84
Bank Account Balance in Month 3: 101.26
Bank Account Balance in Month 4: 101.68
Bank Account Balance in Month 5: 102.10
Bank Account Balance in Month 6: 102.53
Bank Account Balance in Month 7: 102.95
Bank Account Balance in Month 8: 103.38
Bank Account Balance in Month 9: 103.81
Bank Account Balance in Month 10: 104.25
Bank Account Balance in Month 11: 104.68
Bank Account Balance in Month 12: 105.12
Year 2
Bank Account Balance in Month 1: 105.55
Bank Account Balance in Month 2: 105.99
Bank Account Balance in Month 3: 106.44
Bank Account Balance in Month 4: 106.88
Bank Account Balance in Month 5: 107.32
Bank Account Balance in Month 6: 107.77
Bank Account Balance in Month 7: 108.22
Bank Account Balance in Month 8: 108.67
Bank Account Balance in Month 9: 109.12
Bank Account Balance in Month 10: 109.58
Bank Account Balance in Month 11: 110.04
Bank Account Balance in Month 12: 110.49
Year 3
Bank Account Balance in Month 1: 110.95
Bank Account Balance in Month 2: 111.42
Bank Account Balance in Month 3: 111.88
Bank Account Balance in Month 4: 112.35
Bank Account Balance in Month 5: 112.82
Bank Account Balance in Month 6: 113.29
Bank Account Balance in Month 7: 113.76
Bank Account Balance in Month 8: 114.23
Bank Account Balance in Month 9: 114.71
Bank Account Balance in Month 10: 115.19
Bank Account Balance in Month 11: 115.67
Bank Account Balance in Month 12: 116.15
Year 4
Bank Account Balance in Month 1: 116.63
Bank Account Balance in Month 2: 117.12
Bank Account Balance in Month 3: 117.61
Bank Account Balance in Month 4: 118.10
Bank Account Balance in Month 5: 118.59
Bank Account Balance in Month 6: 119.08
Bank Account Balance in Month 7: 119.58
Bank Account Balance in Month 8: 120.08
Bank Account Balance in Month 9: 120.58
Bank Account Balance in Month 10: 121.08
Bank Account Balance in Month 11: 121.58
Bank Account Balance in Month 12: 122.09
Year 5
Bank Account Balance in Month 1: 122.60
Bank Account Balance in Month 2: 123.11
Bank Account Balance in Month 3: 123.62
Bank Account Balance in Month 4: 124.14
Bank Account Balance in Month 5: 124.65
Bank Account Balance in Month 6: 125.17
Bank Account Balance in Month 7: 125.70
Bank Account Balance in Month 8: 126.22
Bank Account Balance in Month 9: 126.74
Bank Account Balance in Month 10: 127.27
Bank Account Balance in Month 11: 127.80
Bank Account Balance in Month 12: 128.34

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task3.c
4. Task 3: Using a...
Your code goes here...
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>
4. Task 3: Using a nested loop
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 5 years. The output
should show the value of the
100% (1:0)
C

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ask3.c 4. Task 3: Using a.. 1 Your code goes here... Collapse 4. Task 3: Using a nested loop 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 5 years. The output should show the value of the e0% (1:0)