Question

Use Python to solve: show all code:

2) For the last assignment you had to write a program that calculated and displayed the end of year balances in a savings account if $1,000 is put in the account at 6% interest for five years.

The program output looked like this:

Balance after year 1 is $ 1060.0

Balance after year 2 is $ 1123.6

Balance after year 3 is $ 1191.02

Balance after year 4 is $ 1262.48

Balance after year 5 is $ 1338.23

Modify your code so that it displays the balances for interest rates from three to five percent inclusive, in one percent intervals. (Hint: Use an outer loop that iterates on the interest rate, and an inner one that iterates on the year.)

Output:

Interest rate of 3 %:

Balance after year 1 is $ 1030.0

Balance after year 2 is $ 1060.9

Balance after year 3 is $ 1092.73

Balance after year 4 is $ 1125.51

Balance after year 5 is $ 1159.27

Interest rate of 4 %:

Balance after year 1 is $ 1040.0

Balance after year 2 is $ 1081.6

Balance after year 3 is $ 1124.86

Balance after year 4 is $ 1169.86

Balance after year 5 is $ 1216.65

Interest rate of 5 %:

Balance after year 1 is $ 1050.0

Balance after year 2 is $ 1102.5

Balance after year 3 is $ 1157.62

Balance after year 4 is $ 1215.51

Balance after year 5 is $ 1276.28

Answer 1

Program:

# set the balance in the account
balanceInAccount = 1000.0
# outer loop that interates for rates on interest
for interest in range(3, 6):
    # display header
    print("Interest rate of " + str(interest) + "%:")
    balanceWithInterest = balanceInAccount
    # inner loop that interates for year
    for year in range(1, 6):
        # compute the balance with interest
        balanceWithInterest = balanceWithInterest + (balanceWithInterest * interest/100.00)
        # display the balance
        print ("Balance after year " + str(year) + " is ${0:.2f}".format(balanceWithInterest))

Output:

Program Screenshot: