Starting Out With C++: Early Objects (10th Edition)
10th Edition
ISBN: 9780135235003
Author: Tony Gaddis, Judy Walters, Godfrey Muganda
Publisher: PEARSON
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Chapter 3, Problem 20PC
Interest Earned
Assuming there are no deposits other than the original investment, the balance in a savings account after one year may be calculated as
• Where Principal is the balance in the account
• Rate is the annual interest rate,
• T is the number of times the interest is compounded during a year (e.g., T is 4 if the interest is compounded quarterly).
Write a
Interest Rate: 4.25%
Times Compounded: 12
Principal: $ 1000 .00
Interest: $ 43 .33
Final balance: $ 1043.33
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Interest Rates Savings accounts state an interest rate and a compounding period. If theamount deposited is P, the stated interest rate is r, and interest is compounded m timesper year, then the balance in the account after one year is P⋅(1+rm)m. For instance, if$1000 is deposited at 3% interest compounded quarterly (that is, 4 times per year), thenthe balance after one year is1000⋅(1+.034)4=1000⋅1.00754=$1,030.34.Interest rates with different compounding periods cannot be compared directly.The concept of APY (annual percentage yield) must be used to make the comparison. TheAPY for a stated interest rate r compounded m times per year is defined byAPY=(1+rm)m−1.(The APY is the simple interest rate that yields the same amount of interest after oneyear as the compounded annual rate of interest.) Write a program to compare interestrates offered by two different banks and determine the most favorable interest rate. SeeFig. 4.24.
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Write a program that computes and displays the charges for a patient’s hospital stay. First, the program should ask if the patient was admitted as an inpatient or an outpatient. If the patient was an inpatient, the following data should be entered:
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Assuming there are no deposits other than the original investment, the balance in a saving account after one year may be calculated as
Amount=Principal * (1+ Rate / T)T
principal -balance in the saving account,
Rate -the interest rate,
T - number of times the interest is compounded during a year.
Write a program that asks for :
the principal, the interest rate, and the number of times the interest is compounded. It should display a report similar to
Interest Rate: 4.25%
Times Compounded: 12
Principal: $ 1000.00
Interest: $ 43.34
Amount in Savings: $ 1043.34
Chapter 3 Solutions
Starting Out With C++: Early Objects (10th Edition)
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