Question
An individual retirement account (IRA) is a special bank account a person can use to save money for retirement.A person can put up to $5,500
An individual retirement account (IRA) is a special bank account a person can use to save money for retirement.A person can put up to $5,500 a year tax free and the money grow tax free until the personn is ready to retire. The tax rules related to IRA"s are complex, but for this assignment we will assume that the person put in the same amount of money every year (up to $5,500) and the money grows at constant interest rate.
Write a flogorithm program that asks the user to input an annual IRA contribution (in dollars) and interest rate (in percent) and a time period(years) . calculate the value of the IRA every year for the duration of the time period provided by the user.
Be sure to provide user friendly prompts.
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