Question

Savings Exercise The idea here is to see how many years it will take a bank account to grow to at least a given value, assuming a fixed annual interest. Write a program savings.py. Prompts the user for three numbers: an initial balance, the annual 3.3. While Statements 145 Hands-on Python Tutorial, Release 1.0 for Python Version 3.1+ percentage for interest as a decimal. like .04 for 4%, and the final balance desired. Print the initial balance, and the balance each year until the desired amount is reached. Round displayed amounts to two decimal places, as usual The math: The amount next year is the amount now times (1 + interest fraction), so if I have $500 now and the interest rate is.04, I have $5001.04) $520 after one year and after two years I have, $520* (1.04) $540.80. If I enter into the program a S500 starting balance, 04 interest rate and a target of S550, the program prints: 500.00 520.00 540.80 562.43

Answer 1

SOLUTION:

Python Program:
"""
Python program that calculates the years it will take a bank account to grow to at least a given value
"""
# Reading Starting balance
initialBalance = float(input("\n Enter Starting Balance: $"));
# Reading Annual interest rate
intRate = float(input("\n Enter Annual Interest Rate: "));
# Reading Desired Final balance
finalBalance = float(input("\n Enter Desired Final Balance: $"));
# Initially set new balance to initial balance
newBalance = initialBalance;
# For handling year
year = 1;
# Printing initial balance
print("\n\n Starting Balance: %.2f \n" %(initialBalance));
# Iterate till desired balance is reached
while (newBalance <= finalBalance):
# Calculating new balance
newBalance = newBalance + (newBalance * intRate);
# Printing year wise balance
print("\n Year: %d \t Balance: $%.2f " %(year, newBalance));
# Incrementing year
year = year + 1;
print("\n\n");

SIMPLE OUTPUT: