How do I code in python to get the following results: Initial Balance: After First month: 1005.0 After second month: 1010.025
PROGRAM STRUCTURE:
- Takes the initial amount from the user and store it in a variable.
- Initialize the value of a variable with 0 to store the amount after every month.
- Display the value of initial amount.
- Now calculate the amount, interest is compounded annually.
- annual interest = 6.0
- Hence, interest compounded monthly is 6.0/12 = 0.5
- Formula for calculating the values:
- Compound interest monthly = (amount*rate)/100
- Amount is the amount after previous month
- Rate is the interest rate per month
- Amount = Amount( previous month ) + compound interest
- Compound interest monthly = (amount*rate)/100
- Using the above formulas calculate value of amount after every month.
- Display the value of amount using print statement.
PROGRAM CODE:
n=int(input("enter the initial balance: ")) // Takes the value of the initial amount from the user
amount=0
print("initial balance is:",n) // display the initial value
amount=n+(n*0.5)/100 // calculating the value of amount using formula of compound interest
print("after first month:",amount) // display the amount after first month
amount=amount+(amount*0.5)/100 // calculate amount for second month
print("after second month:",amount) // display amount after second month
amount=amount+(amount*0.5)/100 // calculate the amount for third month
print("after third month:",amount)third // display the amount after third month
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