Question
Assuming there are no deposits other than the original investment, the balance in a savings account after one year may be calculated as: Amount=Principal (1+
Assuming there are no deposits other than the original investment, the balance in a savings account after one year may be calculated as:
Amount=Principal (1+ (Rate/T))T
Principal is the balance in the savings account, Rate is the interest rate, and T is the number of times the interest is compounded during a year (for example, T is 4 if the interest is compounded quarterly).
Write a program that asks the user for the principal, the interest rate, and the number of times the interest is compounded. It should display a neatly formatted report similar to:
Interest Rate: 4.25%
Times Compounded: 12
Principal: $1000.00
Interest: $43.34
Amount In Savings: $1043.34
Please ensure that any fractions of a cent are rounded in your output.
IN C++
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