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The total accumulated value, including the principal sum P plus compounded interest I, is given by the formula: A = P ( 1 + r
The total accumulated value, including the principal sum P plus compounded interest I, is given by the formula: Suppose a principal amount of $ is deposited in a bank paying an annual interest rate of compounded quarterly.
Then the balance after years is found by using the formula above, with P r n and t :~~ So the amount A after years is approximately $
Write a Python function named calculateinterestincome to return the final amount given the original principal, the annual interest rate, the compounding frequency, the overall length of time the interest is applied. Return your value as a formatted floating point number rounded to the nearest penny. In your main program, calculate the final amount for a principal amount of $ deposited in a bank paying an annual interest rate of compounded monthly for keeping years.
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