in cryptocurrency! Unfortunately, its value is tanking and decreasing in value at an annual rate of 65%, where losses are subtracted daily. You can calculate how much money you lose per day by converting your annual rate to a daily rate by dividing it by 365. Multiply this daily rate with your current balance at the end of each day to get the money lost. Subtract this value from your balance first thing the next day, a process called compounding. You initially invest $15,000. On the first day of each month, you frantically withdraw $100. Write an algorithm that outputs how long it takes for you to lose half of what you initially invested. Assume each month has 30 days. Output should be in months and days (e.g. “3 months and 9 days”).
Write a pseudocode for the situation below.
You’ve recently invested in cryptocurrency! Unfortunately, its value is tanking and decreasing in value at an annual rate of 65%, where losses are subtracted daily. You can calculate how much money you lose per day by converting your annual rate to a daily rate by dividing it by 365. Multiply this daily rate with your current balance at the end of each day to get the money lost. Subtract this value from your balance first thing the next day, a process called compounding.
You initially invest $15,000. On the first day of each month, you frantically withdraw $100. Write an
Hint: Create a table with money that is getting compounded and deposited and calculate by hand what happens in the first 5 months. Then use the pattern to help you figure out the algorithm. In this particular case it should take you 11 months and 1 day to lose half your money.
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