Question

When a bank account pays compound interest, it pays interest not only on the principal amount that was deposited into the account, but also on the interest that has accumulated over time. Suppose you want to deposit some money into a savings account, and let the balance of the account after a specified number of years is:

A equals P (1 plus r over n )to the power of n t end exponent

The terms in the formula are:
A is the amount of money in the account after the specified number of years.
P is the principal amount that was originally deposited into the account.
r is the annual interest rate.
n is the number of times per year that the interest is compounded.
t is the specified number of year.

Write a program that makes the calculations for you. The program should ask the user to input the following: The amount of principal originally deposited into the account. The annual interest rate paid by the account The number of times per year that the interest is compounded (For example, if interest is compounded monthly, enter 12. If the interest is compounded quarterly, enter 4.) The number of years the account will be left to earn interest. Once the input data has been entered, the program should calculate and display the amount of money that will be in the account after the specified number of years.

Answer 1

Python code is given below

Step-by-step explanation:

#This program will calculate compound interest earn by the account after a specified number of years

def main():

#Asking the user for input

principal = float(input("Enter the amount of principal amount to be deposited: "))

rate = float(input("Enter annual interest rate paid by the account: "))

num = int(input("Enter the number of times per year that the interest is compunded: "))

years = float(input("Enter the number of years the account will be left to earn interest: "))

#Calculating the balance of the account after a specified number of years

amount = principal*(1+(rate*.01)/num)**(num*years)

#Printing result

print("The amount of money will be in the account after ", years, "years:", round(amount,2))

main() #calling main() function