Question
period (the extra factor of 100 in the denominator converts the rate from percentages to fractional amounts). Write a Fortran program that will read an
period (the extra factor of 100 in the denominator converts the rate from percentages to fractional amounts). Write a Fortran program that will read an initial amount of money P, an annual interest rate APR, the number of times m that the interest is compounded in a year, and the number of years n that the money is left in the account. The program should calculate the future value F of this account. Use this program to calculate the future value of the bank account if $1000.00 is deposited in an account with an APR of 5% for a period of 1 year, and the interest iscompounded (a) annually, (b) semiannually, or (c) monthly. How much difference does the rate of compounding make on the amount in the account?
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