Question

using C++

23. Savings Account Balance
Write a program that calculates the balance of a savings account at the end of a three-
month period. It should ask the user for the starting balance and the annual interest
rate. A loop should then iterate once for every month in the period, performing the
following steps:
A) Ask the user for the total amount deposited into the account during that month
and add it to the balance. Do not accept negative numbers.
B) Ask the user for the total amount withdrawn from the account during that
month and subtract it from the balance. Do not accept negative numbers or
numbers greater than the balance after the deposits for the month have been
added in.
C) Calculate the interest for that month. The monthly interest rate is the annual
interest rate divided by 12. Multiply the monthly interest rate by the average of
that month’s starting and ending balance to get the interest amount for the
month. This amount should be added to the balance.
After the last iteration, the program should display a report that includes the following
information:
• starting balance at the beginning of the three-month period
• total deposits made during the three months
• total withdrawals made during the three months
• total interest posted to the account during the three months
• final balance

test case:

Test Case1:

Welcome to Your Bank!
What is your starting Balance? $100
What is the annual interest rate?. Please enter whole value. For example 6 for 6% :6

Month #1
Current Balance: $100.00
Please enter total amount of deposits: $2000
Please enter total amount of withdrawals: $200
New Balance: $1905.00

Month #2
Current Balance: $1905.00
Please enter total amount of deposits: $3000
Please enter total amount of withdrawals: $2000
New Balance: $2917.03

Month #3
Current Balance: $2917.03
Please enter total amount of deposits: $4000
Please enter total amount of withdrawals: $2000
New Balance: $4936.61

Start Balance:         $100.00
Total Deposits:        $9000.00
Total Withdrawals:     $4200.00
Total Interest Earned: $36.61
Final Balance:         $4936.61

Answer 1

// C++ program to calculate the balance of a savings account at the end of a three month period

#include <iostream>

#include <iomanip>

using namespace std;

int main() {

       double starting_balance, annual_interest, monthly_interest, ending_balance;

       double total_deposits= 0, total_withdrawals = 0, total_interest = 0;

       double deposit, withdrawal, interest, balance;

       cout<<fixed<<setprecision(2);

       cout<<"Welcome to Your Bank!"<<endl;

       // input of starting balance

       cout<<"What is your starting Balance? $";

       cin>>starting_balance;

       // input of annual rate of interest

       cout<<"What is the annual interest rate?. Please enter whole value. For example 6 for 6% : ";

       cin>>annual_interest;

       monthly_interest = annual_interest/1200; // get the monthly interest rate

       balance = starting_balance;

       ending_balance = balance;

       // loop to input the deposits and withdrawals for 3-month period

       for(int i=0;i<3;i++)

       {

             cout<<endl<<"Month#"<<(i+1)<<endl;

             cout<<"Current Balance: $"<<balance<<endl;

             // input of total deposit in the month

             cout<<"Please enter total amount of deposits: $";

             cin>>deposit;

             // validate the deposit to be non-negative, else re-prompt the user until valid

             while(deposit < 0)

             {

                    cout<<"Deposit amount cannot be negative"<<endl;

                    cout<<"Please enter total amount of deposits: $";

                    cin>>deposit;

             }

             /// add deposit to ending_balance and total_deposits

             total_deposits += deposit;

             ending_balance += deposit;

             // input of total withdrawal in the month

             cout<<"Please enter total amount of withdrawals: $";

             cin>>withdrawal;

             // validate withdrawal is not negative and not greater than available balance , if invalid re-prompt the user until user enters valid

             while(withdrawal < 0 || withdrawal > ending_balance)

             {

                    cout<<"Withdrawal amount cannot be negative or cannot be greater than available balance"<<endl;

                    cout<<"Please enter total amount of withdrawals: $";

                    cin>>withdrawal;

             }

             // add withdrawal to total withdrawals and subtract from ending_balance

             total_withdrawals += withdrawal;

             ending_balance -= withdrawal;

             // calculate interest

             interest = monthly_interest*((balance+ending_balance)/2);

             // add interest to ending_balance and total_interests

             ending_balance += interest;

             total_interest += interest;

             cout<<"New Balance: $"<<ending_balance<<endl;

             balance = ending_balance;

       }

       // output the report

       cout<<endl<<"Start Balance : $"<<starting_balance<<endl;

       cout<<"Total Deposits : $"<<total_deposits<<endl;

       cout<<"Total Withdrawals : $"<<total_withdrawals<<endl;

       cout<<"Total Interest Earned: $"<<total_interest<<endl;

       cout<<"Final Balance : $"<<ending_balance<<endl;

       return 0;

}

//end of program

Output: