Compound interest means that you add the interest (say, 2%) to a starting balance (say, $100) for
Question:
Compound interest means that you add the interest (say, 2%) to a starting balance (say, $100) for a period of time (say it’s a year) to get a new balance ($102.00 in this example). During the next period of time, we apply the same interest rate to the new balance. In our example, during the second year, our 2% interest on $102 would give us $104.04 as our new balance. Write a function compound Interest that takes in an interest rate, a starting balance, and a number of years, then returns what the newbalancewould be.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Introduction To Computing And Programming In Python A Multimedia Approach
ISBN: 9780134025544
4th Edition
Authors: Mark J. Guzdial, Barbara Ericson
Question Posted: