Question

I wrote a c++ program that is suppose to calculate the interest on a CD account but, I cant get the formula to calculate it correctly. please help.

#include <iostream>

#include <cmath>

using namespace std;

struct account

{

double balance;

double interest_rate;

int term;

};

void info(account& accountinfo);

int main(void)

{

double calc1, calc2;

account accountinfo;

info(accountinfo);

calc1 = (accountinfo.interest_rate / 100) + 1;

calc2 = pow(calc1, accountinfo.term);

accountinfo.balance = accountinfo.balance * calc2;

cout << " " << endl

<< " The balance of your CD account after it has matured in " << accountinfo.term << endl

<< " at a interest rate of " << accountinfo.interest_rate << " will be " << accountinfo.balance << endl

<< " " << endl;

return 0;

}

void info(account& accountinfo)

{

cout << " " << endl

<< " This program calculates the value of a CD after maturity. " << endl

<< " " << endl

<< " Enter the balance on the account. " << endl;

cin >> accountinfo.balance;

cout << " " << endl

<< " Enter the interest rate for the CD. " << endl

<< " " << endl;

cin >> accountinfo.interest_rate;

cout << " " << endl

<< " Enter the term for the CD to achieve maturity. " << endl

<< " " << endl;

cin >> accountinfo.term;

}

Answer 1

The formula for calculating the CD interest is as follows:

The code what you have written is correct only.

For example:

Let's say

balance = 1000

interest rate = 2

term = 10

Then we have the interest = 1000 * ( 2/100 + 1 )¹⁰

= 1000 * (0.02 + 1 )¹⁰

= 1000 *(1.02)¹⁰

^{= 1000 * 1.2189944}

^=1218.9944

YOU DON't NEED TO CHANGE ANY CODE:

SAME CODE:

#include <iostream>

#include <cmath>

using namespace std;

struct account

{

double balance;

double interest_rate;

int term;

};

void info(account& accountinfo);

int main(void)

{

double calc1, calc2;

account accountinfo;

info(accountinfo);

calc1 = (accountinfo.interest_rate / 100) + 1;

calc2 = pow(calc1, accountinfo.term);

accountinfo.balance = accountinfo.balance * calc2;

cout << " " << endl

<< " The balance of your CD account after it has matured in " << accountinfo.term << endl

<< " at a interest rate of " << accountinfo.interest_rate << " will be " << accountinfo.balance << endl

<< " " << endl;

return 0;

}

void info(account& accountinfo)

{

cout << " " << endl

<< " This program calculates the value of a CD after maturity. " << endl

<< " " << endl

<< " Enter the balance on the account. " << endl;

cin >> accountinfo.balance;

cout << " " << endl

<< " Enter the interest rate for the CD. " << endl

<< " " << endl;

cin >> accountinfo.interest_rate;

cout << " " << endl

<< " Enter the term for the CD to achieve maturity. " << endl

<< " " << endl;

cin >> accountinfo.term;

}

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