Instructions: 1. Create a Python file A01_R06_CUSN_monthlyBalance.py that shows customers how their deposits grow over time (in units of months). The program should: 1.1. Read the initial balance and the annual interest rate. The interest rate should then be increased by the last digit of your student number (e.g. if your student number is 100123456 and the user inputs 2%, then the interest used for calculations would be 2% + 6% to be 8%) 1.2. Calculate interest that is compounded monthly. 1.3. Print the monthly balance for the entered number of months. The output of your code should resemble the following: Please enter the annual interest rate: 2 Please enter the initial balance: 1000 Please enter the number of months to know the balance: 5 Initial Balance: $1000 Annual Interest Rate: 9% After 1 month: $1007.5 After 2 month: $1015.06 After 3 month: $1022.67 After 4 month: $1030.34 After 5 month: $1038.07 Additional Notes: 1. The green text above represents the user's input. This can be presented on either one line or two lines. The example above also assumes the last digit of the student number is 7 (2+7=9), this will differ according to your student number. 2. Note that savings accounts usually present interest rates as annual percentage rates (APR). For this app, you will need to convert the annual rate into a monthly rate for computing the compounding balance.
Instructions: 1. Create a Python file A01_R06_CUSN_monthlyBalance.py that shows customers how their deposits grow over time (in units of months). The program should: 1.1. Read the initial balance and the annual interest rate. The interest rate should then be increased by the last digit of your student number (e.g. if your student number is 100123456 and the user inputs 2%, then the interest used for calculations would be 2% + 6% to be 8%) 1.2. Calculate interest that is compounded monthly. 1.3. Print the monthly balance for the entered number of months. The output of your code should resemble the following: Please enter the annual interest rate: 2 Please enter the initial balance: 1000 Please enter the number of months to know the balance: 5 Initial Balance: $1000 Annual Interest Rate: 9% After 1 month: $1007.5 After 2 month: $1015.06 After 3 month: $1022.67 After 4 month: $1030.34 After 5 month: $1038.07 Additional Notes: 1. The green text above represents the user's input. This can be presented on either one line or two lines. The example above also assumes the last digit of the student number is 7 (2+7=9), this will differ according to your student number. 2. Note that savings accounts usually present interest rates as annual percentage rates (APR). For this app, you will need to convert the annual rate into a monthly rate for computing the compounding balance.
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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Transcribed Image Text:Instructions:
1. Create a Python file A01_RO6_CUSN_monthlyBalance.py that shows customers how their
deposits grow over time (in units of months). The program should:
1.1. Read the initial balance and the annual interest rate. The interest rate should then be
increased by the last digit of your student number (e.g. if your student number is
100123456 and the user inputs 2%, then the interest used for calculations would be 2% +
6% to be 8%)
1.2. Calculate interest that is compounded monthly.
1.3. Print the monthly balance for the entered number of months.
The output of your code should resemble the following:
Please enter the annual interest rate:
Please enter the initial balance:
1000
Please enter the number of months to know the balance:
Initial Balance: $1000
Annual Interest Rate: 9%
After 1 month: $1007.5
After 2 month: $1015.06
After 3 month: $1022.67
After 4 month: $1030.34
After 5 month: $1038.07
Additional Notes:
1. The green text above represents the user's input. This can be presented on either one line or
two lines. The example above also assumes the last digit of the student number is 7 (2+7=9), this
will differ according to your student number.
2. Note that savings accounts usually present interest rates as annual percentage rates (APR). For
this app, you will need to convert the annual rate into a monthly rate for computing the
compounding balance.
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