Question

Suppose you have a certain amount of money in a savings account that earns compound monthly interest, and you want to calculate the amount that you will have after a specific number of months. The formula is as follows:

f = p * (1 + i)^t

• f is the future value of the account after the specified time period.
• p is the present value of the account.
• i is the monthly interest rate.
• t is the number of months.

Write a program that takes the account's present value, monthly interest rate, and the number of months that the money will be left in the account as three inputs from the user. The program should pass these values to a function thatreturns the future value of the account, after the specified number of months. The program should print the account's future value.

Sample Run

Enter current bank balance:35.7↵
Enter interest rate:0↵
Enter the amount of time that passes:100↵ 35.7↵

Btw, this does not work, but is presumably close to the answer.
p=float(input("Enter current bank balance:"))
i=float(input("Enter interest rate:"))
t=float(input("Enter the amount of time that passes:"))

print(p *(1+i)^t)

Answer 1

The update code is:

p=float(input("Enter current bank balance:"))

i=float(input("Enter interest rate:"))

t=float(input("Enter the amount of time that passes:"))

print(p*(1+i)**t)

Step-by-step explanation:

Required

Program to compute future value

Up to the third line, your program is correct.

The only correction that needs to be made is as follows:

On the fourth line, change p*(1+i)^t to p*(1+i)**t because Python use ** as raise to power and not ^