Develop a VI that computes the balance of a bank account (compounded yearly) at a given interest rate with yearly monetary additions. Use the following base equation:
X=P1+in
Where X is end of year account balance, P is the initial account balance, i is the interest rate, and n is the number of years. NOTE: This equation does not account for additional yearly deposits! It is your job to figure out how to include that portion of the equation.
User inputs are:
Interest rate (%)
Initial principle ($)
Monetary goal ($)
Yearly deposits ($)
Assume yearly deposits occur at the beginning of each year, except for the initial year.
Use a Numeric Control for initial principle, monetary
goal, and yearly deposit, but use a slider for interest
rate.
![Yearly Interest Calculator Goal [$] Recurring Deposit [$] Principle Amount [$] 12000 20000 1000000 Interest Rate 1%1 2 4 5 6](http://img.homeworklib.com/images/83ec269b-d0d5-40a8-83ec-ef5fa0094074.png?x-oss-process=image/resize,w_560)
Outputs are:
End of year account balance. Include a numerical and
graphical expression of this value. (Use ‘ex XY Graph’ from front
panel)
LED Signal depicting when goal is reached
Years to reach goal
An example Front Panel can be seen on Page 2. You can check your VI with the results shown in the figure.
the graph should look like the photo attached. thank you!
Homework Answers
Monetary Goal = Principal amount + recurring deposit * annuity factor of the interest rate for number of years.
Let 'n' be number of years.
i.e., 1,000,000 = 20,000 + 120,000* annuity factor of 10% for n number of years..
120,000*annuity factor of 10% for n number of years = 980,000
annuity factor of 10% for n number of years = 8.167
Annuity factor of 8.167 occurs at 22 years for 10% interest rate.
Therefore, VI is Monetary Goal = Principal amount + recurring deposit * annuity factor of the interest rate for number of years.
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