Assume you and your employer each contribute HKD 500 to your Mandatory Provident Fund (MPF) at the end of every month (HKD 1,000 in total). Suppose the beginning account balance is zero, and the return is compounded monthly. Write a Python program to calculate the present value of the MPF.
Assume you and your employer each contribute HKD 500 to your Mandatory Provident Fund (MPF) at the end of every month (HKD 1,000 in total). Suppose the beginning account balance is zero, and the return is compounded monthly. Write a Python program to calculate the present value of the MPF.
C++ Programming: From Problem Analysis to Program Design
8th Edition
ISBN:9781337102087
Author:D. S. Malik
Publisher:D. S. Malik
Chapter4: Control Structures I (selection)
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Problem 20PE: The cost of renting a room at a hotel is, say $100.00 per night. For special occasions, such as a...
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![Assume you and your employer each contribute HKD 500 to your Mandatory Provident Fund
(MPF) at the end of every month (HKD 1,000 in total). Suppose the beginning account balance
is zero, and the return is compounded monthly. Write a Python program to calculate the
present value of the MPF.
1) Let the user set a target monthly rate of return and the number of months.
2) Round the answer to the nearest dollar.
The output should resemble the following.
Enter a target MONTHLY rate of return (without the % sign): 0.05
Enter the number of months: 5
The total MPF of $5000 in 5 months is worth $4329 today.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff54a25cd-6203-4c24-ad1d-89dea4965174%2F35f7ab1b-7061-41c6-b701-88e16f4814a3%2Finnwj8p_processed.png&w=3840&q=75)
Transcribed Image Text:Assume you and your employer each contribute HKD 500 to your Mandatory Provident Fund
(MPF) at the end of every month (HKD 1,000 in total). Suppose the beginning account balance
is zero, and the return is compounded monthly. Write a Python program to calculate the
present value of the MPF.
1) Let the user set a target monthly rate of return and the number of months.
2) Round the answer to the nearest dollar.
The output should resemble the following.
Enter a target MONTHLY rate of return (without the % sign): 0.05
Enter the number of months: 5
The total MPF of $5000 in 5 months is worth $4329 today.
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