Exercise 2.4 - Bank balance with compound interest Assume that you have $1000 balance in your account, prompt the user for the annual interest rate the account earns, prompt the user for the number of years you want to project, assume the interest is compounded monthly using this formula, projected Balance = current Balance *(1 + monthlyInterest Rate) Calculate and print the projected balance and the increase percentage. Sample output: Enter annual interest rate, for example 8.25: 7.0 Enter number of years as an integer, for example 5: 10 numbero fmonths Current balance: $1000 Projected balance: $2009.6613766956327 Your balance increased by 100.96613766956328 %
Exercise 2.4 - Bank balance with compound interest Assume that you have $1000 balance in your account, prompt the user for the annual interest rate the account earns, prompt the user for the number of years you want to project, assume the interest is compounded monthly using this formula, projected Balance = current Balance *(1 + monthlyInterest Rate) Calculate and print the projected balance and the increase percentage. Sample output: Enter annual interest rate, for example 8.25: 7.0 Enter number of years as an integer, for example 5: 10 numbero fmonths Current balance: $1000 Projected balance: $2009.6613766956327 Your balance increased by 100.96613766956328 %
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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Answer the given question with a proper explanation and step-by-step solution.
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![Exercise 2.4 - Bank balance with compound interest
Assume that you have $1000 balance in your account,
prompt the user for the annual interest rate the account earns,
prompt the user for the number of years you want to project,
assume the interest is compounded monthly using this formula,
In [ ]:
Calculate and print the projected balance and the increase percentage.
projected Balance = current Balance *(1 + monthlyInterest Rate) number of months
Sample output:
Enter annual interest rate, for example 8.25: 7.0
Enter number of years as an integer, for example 5: 10
In [49]: CurrentB= ("$1000")
Current balance: $1000
Projected balance: $2009.6613766956327
Your balance increased by 100.96613766956328 %
print("Current Balance: ",CurrentB)
CurrentBalance: $1000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F59e894bf-9e02-401b-8842-02679c64ca68%2Fe8f7d11d-b327-4283-b85e-505b49c2ce77%2F6ow7l2_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 2.4 - Bank balance with compound interest
Assume that you have $1000 balance in your account,
prompt the user for the annual interest rate the account earns,
prompt the user for the number of years you want to project,
assume the interest is compounded monthly using this formula,
In [ ]:
Calculate and print the projected balance and the increase percentage.
projected Balance = current Balance *(1 + monthlyInterest Rate) number of months
Sample output:
Enter annual interest rate, for example 8.25: 7.0
Enter number of years as an integer, for example 5: 10
In [49]: CurrentB= ("$1000")
Current balance: $1000
Projected balance: $2009.6613766956327
Your balance increased by 100.96613766956328 %
print("Current Balance: ",CurrentB)
CurrentBalance: $1000
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