In python
Suppose you deposit money into a savings account and let it accumulate at 4% interest compounded annually. Write a program, using while loop, to determine when you will be a millionaire. Take the initial balance from the user. Sample Run Enter initial deposit: 123456 In 54 years you will have a million dollars.
//Note:- if you have any query then comment below.please upvote.use correct indentation to run the codedepostite=int(input("Enter initial deposite: ")) count=0 while(depostite<1000000): interest=depostite*4/100 depostite=depostite+interest count=count+1 print("In ",count," years you will have a million dollars.");
In python Suppose you deposit money into a savings account and let it accumulate at 4%...
Suppose you want to deposit a certain amount of money into a savings account and then leave it alone to draw interest for the next 10 years. At the end of 10 years you would like to have $10,000 in the account. How much do you need to deposit today make that happen? You can use the following formula, which is known as the present value formula, to find out: P = F / (1+ r)^n The terms in...
How much money must you deposit into a savings account at the end of each year at 4% interest compounded annually in order to earn $9,778.08 interest during a 20-year period?
Suppose a bank offers a savings account with the interest rate of 6% compounded annually. If you deposit $100, how long does it take to triple your money if you do not withdraw any from your account?
You deposit $3,000 at the end of the year (k = 0) into an account that pays interest at a rate of 7% compounded annually. A year after your deposit, the savings account interest rate changes to 1 2% nominal interest compounded month y Five years after ur de o the savings account aga changes it interest rate this time e interest rate becomes 8% nominal interest compounded quarterly. Eight years after your deposit, the saving account changes its rate...
A) How much money will be in your savings account on January 1, 2023 if you deposit $5,000 on January 1, 2020 and you earn 3.1% per year in interest? Interest is compounded annually on December 31 B) How much money would you have to deposit on January 1, 2020 to have $5,000 in your bank account on January 1, 2027 if the savings account paid 1.25% interest, compounded annually on December 31 of each year? C) Suppose your discount...
P5.3 Present
Value. Suppose you want to deposit a certain amount of
money into a savings account and then leave it alone to draw
interest for the next 10 years. At the end of 10 years you would
like to have $10,000 in the account. How much do you need to
deposit today tomake that happen? You can use the following
formula, which is known as the present value formula, to find
out:
P = F/(1+r)^n
The terms in the...
Suppose you deposit 4859 today in a savings account that earns an annual interest rate of 4.53% which is compounded annually. Assuming no withdrawals, how much would you have at the end of 8 years?
Use the switch structure to write a MATLAB program to compute the amount of money that accumulates in a savings account in one year. The program should accept the following input: the initial amount of money deposited in the account; the frequency of interest compounding (monthly, quarterly, semiannually, or annually); and the interest rate. Run your program for a $10000 initial deposit for each case; use a 4 percent interest rate. Compare the amounts of money that accumulate for each...
3. Suppose you have money invested in a savings monthly. You also make a deposit of D dollars once each month, and you make a withdrawal of P percent of the balance each month. (a) Sketch a compartmental diagram for the amount of money in the account. (b) Write a difference equation (or recurrence relation) for this model (c) Find the fixed points (d) Suppose that r=0.03 and P 0.07 . Find the amount D that you should deposit each...
You deposit $1,000 at the end of the year (k = 0) into an account that pays interest at a rate of 6% compounded annually. Two years after your deposit, the savings account interest rate changes to 12% nominal interest compounded monthly. Five years after your deposit, the savings account again changes its interest rate, this time the interest rate becomes 8% nominal interest compounded quarterly. Eight years after your deposit, the saving account changes its rate once more to...