Question

Suppose you have a certain amount of money in a savings account that earns
compound monthly interest, and you want to calculate the amount that you will
have after a specific number of months. The formula is as follows:
f = p * (1 + i)^t

• f is the future value of the account after the specified time period.
• p is the present value of the account.
• i is the monthly interest rate.
• t is the number of months.

Write a program that takes the account's present value, monthly interest rate,
and the number of months that the money will be left in the account as three
inputs from the user. The program should pass these values to a function that
returns the future value of the account, after the specified number of months.
the program should print the account's future value.

Answer 1

Here is the code in python language. Let me know if needed in some other language.

 def futureValue(curVal, intRate, nMonths): return curVal * pow(1+intRate, nMonths) curVal = float(input("Input the current value: ")) intRate = float(input("Input the interest rate: ")) nMonths = float(input("Input the number of months: ")) print(futureValue(curVal, intRate, nMonths))

Here is a sample output:

Input the current value: 3 Input the interest rate: 0.2 Input the number of months: 4 6.2208

Comment in case of any doubts.