Question

Using C++

Instructions

Redo Programming Exercise 18 of Chapter 2 (LOOK BELOW FOR EXERCISE 18), taking into account that your parents buy additional savings bonds for you as follows:

a. If you do not spend any money to buy savings bonds, then because you had a summer job, your parents buy savings bonds for you in an amount equal to 1% of the money you save after paying taxes and buying clothes, other accessories, and school supplies.

b. If you spend up to 25% of your net income to buy savings bonds, your parents spend $0.25 for each dollar you spend to buy savings bonds, plus money equal to 1% of the money you save after paying taxes and buying clothes, other accessories, and school supplies.

c. If you spend more than 25% of your net income to buy savings bonds, your parents spend $0.40 for each dollar you spend to buy savings bonds, plus money equal to 2% of the money you save after paying taxes and buying clothes, other accessories, and school supplies.

The program should prompt the user to enter:

1. The pay rate for an hour
2. The number of hours you worked each week (5 weeks total).
3. The percent of net income spent to buy savings bonds

The program then outputs the following:

1. Your income before and after taxes from your summer job.

2. The money you spend on clothes and other accessories.

3. The money you spend on school supplies.

4. The money you spend to buy savings bonds.

5. The money your parents spend to buy additional savings bonds for you.

********* TO BE USED AS REFERENCE **************

EXERCISE 2-18

You found an exciting summer job for five weeks. It pays, say, $15.50 per hour. Suppose that the total tax you pay on your summer job income is 14%.

After paying the taxes, you spend 10% of your net income to buy new clothes and other accessories for the next school year and 1% to buy school supplies.

After buying clothes and school supplies, you use 25% of the remaining money to buy savings bonds. For each dollar you spend to buy savings bonds, your parents spend $0.50 to buy additional savings bonds for you.

Expected output:

Enter the pay rate for an hour: 15.50 Enter the hours you worked week 1:20 Enter the hours you worked week 2: 32 Enter the hours you worked week 3: 39 Enter the hours you worked week 4:18 Enter the hours you worked week 5:33 Enter the percent of net income spent to buy savings bonds: 54 Income before taxes was 2201.00 Income after taxes was 1892.86 Amount spent on new clothes was 189.29 Amount spent on school supplies was 18.93 Amount spent on savings bonds was 1022.14 Amount parents spent on savings bonds was 442.55

Answer 1

//do comment if any problem arises

//Code

#include <iostream>

using namespace std;

int main()

{

//read payrate

cout << "Enter the pay rate for an hour: ";

float payrate;

cin >> payrate;

int Hours_Week[5], total_hours = 0;

//read hours worked for 5 weeks

for (int i = 0; i < 5; i++)

{

cout << "Enter the hours you worked week " << i + 1 << ": ";

cin >> Hours_Week[i];

total_hours += Hours_Week[i];

}

//read percent saving

cout << "Enter the percent of net income spent to buy saving bonds: ";

int percent_saving;

cin >> percent_saving;

//print income before taxes

cout << "\n\nIncome before taxex was " << float(total_hours) * payrate << endl;

//calculate income after taxes

float final_income = float(total_hours) * payrate * (1 - .14);

//print income after taxes

cout << "Income after taxes was " << final_income << endl;

//calculate money for new clothes

float new_clothes = final_income * .1;

cout << "Amount spent on new clothes was " << float(int(100 * new_clothes)) / 100 << endl;

//calculate money for school supplies

float school_supplies = final_income * .01;

//calculate money for saving bonds

cout << "Amount spent on school supplies was " << float(int(100 * school_supplies)) / 100 << endl;

float saving_bonds = final_income * (float(percent_saving) / 100);

cout << "Amount spent on saving bonds was " << saving_bonds << endl;

float parents_saving;

float net_saving = final_income - new_clothes - school_supplies;

//calculate money for parents saving

if (percent_saving == 0)

{

parents_saving = .01 * net_saving;

}

else if (percent_saving <= 25)

{

parents_saving = .25 * (saving_bonds) + .01 * (net_saving);

}

else

{

parents_saving = .40 * (saving_bonds) + .02 * (net_saving);

}

cout << "Amount parents spent on saving bonds was " << float(int(parents_saving * 100)) / 100;

}

Output:

Enter the hours you worked week 1: 20 Enter the hours you worked week 2: 32 Enter the hours you worked week 3: 39 Enter the hours you worked week 4: 18 Enter the hours you worked week 5: 33 Enter the percent of net income spent to buy saving bonds: 54 Income before taxex was 2201 Income after taxes was 1892.86 Amount spent on new clothes was 189.28 Amount spent on school supplies was 18.92 Amount spent on saving bonds was 1022.14 Amount parents spent on saving bonds was 442.55