Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You will write a program that calculates the number of years it takes for an investment made in a Roth IRA to double in
You will write a program that calculates the number of years it takes for an investment made in a Roth IRA to double in value. The program will prompt the user for an initial investment amount and an annual percent rate of return (APR). The investment will earn a yearly dividend which is automatically reinvested. Because it's a Roth, no taxes are paid on the investment income. You will use a while loop to implement the yearly calculation and value update. The loop will terminate as soon as the deposit passes double its initial value. Print out the number of years it took for the initial deposit to double in value at the given rate of return. Here is a short transcript showing how the program would work using a 15% rate of return: Enter an initial Roth IRA deposit amount:5000 Enter an annual percent rate of return:15 Value after year 1: $5750.00 Value after year 2: $6612.50 Value after year 3: $7604.38 Value after year 4: $8745.03 Value after year 5: $10056.79 It will take 5 years to double your investment with a 15% APR.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Here is a Python program that calculates the number of years it takes for an investment made in a Ro...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