Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose you want to deposit a certain amount of money into a savings account and then leave it alone to draw interest for the next

Suppose you want to deposit a certain amount of money into a savings account and then leave it alone to draw interest for the next 10 years. At the end of 10 years you like to have $10,000.00 in the account. How much do you need to deposit today to make that happen? You can use the following formula to find out:PThe terms in the formula are as follows: P is the present value, or the amount that you need to deposit today F is the future value that you want in the account (F=$10,000.00) r is the annual interest rate n is the number of years that you plan to let the money sit in the accountIt would be nice to write a computer program to perform the calculation, because we can experiment with different values for the terms. Here is an algorithm we can use:1. Get the desired future rate?2. Get the annual rate?3. Get the number of years the money will sit in the account4. Calculate the amount of money that will need to deposit5. Display the result of the calculation from Step 4In Step 1 through 3, we will prompt the user to enter the specified values. We will store the desired value in a variable named futureValue, the annual interest rate variable named rate, and the number of years in a variable named years.In Step 4, we calculate the present value, which is the amount of money that we will have to deposit. We will convert the previously shown in the following pseudocode statement. This statement stores the result of the calculation in the presentValue variable.presentValue = futureValue /(1+ rate)^ yearsIn Step 5, we display the value in the presentValue variable.Assignment Instructions:I. Write the pseudocode for this program below. You should have an approximately of 8 lines of code.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

SQL Server T-SQL Recipes

Authors: David Dye, Jason Brimhall

4th Edition

1484200616, 9781484200612

More Books

Students also viewed these Databases questions

Question

What is a change agent? Who plays this role?

Answered: 1 week ago