Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(invest.cpp) i Suppose you find a way to save an additional x dollars per month. Instead of saving it in your bank account, you open
(invest.cpp) i Suppose you find a way to save an additional x dollars per month. Instead of saving it in your bank account, you open a portfolio and invest the money. For simplicity, assume that the annual return is 9% and the principal investment is $5000. Write a pseudocode and a C++ program that prompts the user to enter a monthly contribution amount and number of years and then displays the portfolio value. Enter the monthly contribution amount: 100 Enter the number of years: 10 After 10 years, the portfolio value is $31608.21 This problem uses the compound interest formula: A = P(1 + 5)nt where A is final amount, P is initial principal balance, r is annual interest rate, n is number of times interest applied per time period t, and t is number of time periods elapsed. This problem will also use the future value of a series formula: PMT*(** ) where PMT is the monthly investment, ris annual interest rate, n is number of times interest applied per time period t, and t is number of time periods elapsed. Remember to use setprecision(n) and fixed() for the final value
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started