code that calculates the amount of money you'll have when money is deposited in a bank account that earns interest. You'll reimplement this code as a function. given the function header, complete the function definition Suppose you have some money (the principal) that is deposited in a bank account for a numberof years and earns a fixed annual rate of interest. The interest is compounded n times per year.The formula for determining the amount of money you'll have is:nx timewhere:amount = principal(1 +ratenamount is the amount of money accumulated after time years, including interest.principal is the initial amount of money deposited in the account●rate is the annual rate of interest, specified as a decimal; e.g, 5% is specified as 0.05n is the number of times the interest is compounded per year●time is the number of years for which the principal is deposited. def accumulated_amount (principal, rate, n, time):

Answered: Suppose you have some money (the…

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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code that calculates the amount of money you'll have when money is deposited in a bank account that earns interest. You'll reimplement this code as a function. given the function header, complete the function definition

Suppose you have some money (the principal) that is deposited in a bank account for a number
of years and earns a fixed annual rate of interest. The interest is compounded n times per year.
The formula for determining the amount of money you'll have is:
nx time
where:
amount = principal(1 +
rate
n
amount is the amount of money accumulated after time years, including interest.
principal is the initial amount of money deposited in the account
●
rate is the annual rate of interest, specified as a decimal; e.g, 5% is specified as 0.05
n is the number of times the interest is compounded per year
●
time is the number of years for which the principal is deposited.

def accumulated_amount (principal, rate, n, time):

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