Question

. (Financial application: compound value) If you start a bank account with $10,000 and your bank compounds the interest quarterly (4 times per year) at an interest rate of 8%, how much money do you have at the year's end? (assume that you do not add or withdraw any money from the account).

A=P(1+r/n)n * t A: Final amount, r: interest rate, P: principal amount, n: number of times per year interest is compounded, t: number of years

must be done in python

Answer 1

Dear Student,

below i have written a python application program as per the requirement.

Please note that the below program has been compiled using python 3.5.

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Program:

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P = 10000

r = 0.08

n = 4

t = 1

A = P * ( 1 + r/n) ** (n * t)

print()

print("$10000 at the interset of 8%, 4 times per year will be $", A)

print()

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here i have attached the output of the program as a screen shot.

Output:

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Kindly Check and Verify Thanks...!!!