Final answer:
To calculate yearly savings using a for loop, you can use the simple interest formula.
Step-by-step explanation:
To calculate yearly savings using a for loop, you can use the simple interest formula. Let's assume you are saving $100 each year and the interest rate is 5%. Here's an example:
Step 1: Set the initial savings amount to 0.
Step 2: Use a for loop to iterate over each year.
Step 3: Inside the for loop, calculate the interest earned for that year and add it to the savings amount.
Step 4: After the for loop ends, you will have the total savings amount for the specified number of years.
In this example, after 3 years, the total savings amount can be calculated as:
$100 * 0.05 * 1 + $100 * 0.05 * 2 + $100 * 0.05 * 3 = $15