Question

Write a program to produce a table that shows the balance of a bank account after each month, assuming that interest is compounded monthly and no additional money is added or withdrawn from the account.

Consider this example to understand how this calculation can be done with a loop. Suppose you put $10,000 into an account with an annual percentage rate (APR) of 5.0%. After one month, the account would receive an interest credit of 10000 * 5.0 / 1200. The annual percentage rate is divided by 1200, because we divide by 100 to convert a percentage to multiplier, and divide by 12 to convert an annual rate to a monthly rate. Therefore, the new account balance after one month would be

10000 + (10000 * 5.0 / 1200) = 10041.67

After the second month, the account would receive interest on its current balance, so the new balance would be

10041.67 + (10041.67 * 5.0 / 1200) = 10083.51

After the third month, the account would receive interest on its current balance, and the new balance would be

10083.51 + (10083.51 * 5.0 / 1200) = 10125.52

Requirements: Before the loop begins, your program should prompt the user to enter a starting balance (e.g., 10000), the annual percentage rate (e.g., 5.0), and the number of months to show in the table. The balance after each month should be shown with exactly two digits after the decimal point. A sample run of the program might appear as follows (input entered by the user is underlined, and the lines for months between 4 and 16 would be printed in place of …):

Answer 1

Thanks for the question, Here is code in C++. Incase the program needs to rewritten in a different language or needs to be updated please do mention in the comments. Will update and share the code.

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#include<iostream>
#include<iomanip>

using namespace std;

int main(){
  
   double balance;
   double rate;
   int months;
  
   cout<<"Enter the starting balance: $"; cin>>balance;
   cout<<"Enter the annual interest rate (as percentage): "; cin>>rate;
   cout<<"Enter the number of months: "; cin>>months;
  
  
   cout<<setw(10)<<left<<"Month"<<setw(18)<<right<<"Balance"<<endl;
   for(int month=1; month<=months; month++){
       balance = balance + balance*rate/1200;
       cout<<setw(10)<<left<<month
       <<setw(10)<<right<<"$ "
       <<setw(15)<<left<<setprecision(2)<<fixed<<balance<<endl;
   }
}

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import java.util.Scanner;

public class Balance {

    public static void main(String[] args) {


        Scanner scanner = new Scanner(System.in);

        double balance;
        double rate;
        int months;


        System.out.print("Enter the starting balance: $");
        balance = scanner.nextDouble();
        System.out.print("Enter the annual interest rate (as percentage): ");
        rate = scanner.nextDouble();
        System.out.print("Enter the number of months: ");
        months = scanner.nextInt();

        System.out.printf("%-10s%18s\n", "Month", "Balance");

        for (int month = 1; month <= months; month++) {
            balance = balance + balance * rate / 1200;
            System.out.printf("%-10d%18s\n", month, "$ " + String.format("%.2f", balance));

        }
    }
}