Question

Hello, I am writing the initial algorithm and refined algorithm for a program. I just need to make sure I did it correctly. I'm not sure if my formula is correct. I appreciate any help, thank you!

TASK: Write a program that will calculate the final balance in an investment account. The user will supply the initial deposit, the annual interest rate, and the number of years invested.

Solution

Description: Write a program that calculates the final balance in an investment account

Initial Algorithm:

Declare variables

Get initial deposit

Get annual interest rate

Get number of years invested

Calculate final balance

Display final balance in investment account

Data Requirements:(I/O)

Input – deposit

Input – interest rate

Input – number of years invested

Output – final balance

Formulas:

deposit * interest rate = growth rate

number of years * growth rate = final investment

         

Refined Algorithm:

Declare float deposit

Declare float interest rate

Declare float number of years

Declare float final balance

          Display “enter initial deposit”

Input deposit

          Display “enter interest rate”

                   Input interest rate

          Set growth rate = deposit * interest rate       

Set final investment = number of years * growth rate

Display “The final balance of your account will be”, final investment, “after”, number of years, “years”, EOL

Answer 1

I WROTE THE CODE IN C++ LANGUAGE

I ADD COMMENTS TO THE CODE FOR CLEAR UNDERSTANDING

CODE

#include <iostream>

using namespace std;

int main()
{
//variables declaration.
float deposit,interest_rate,no_years,growth_rate,total_interest,fin_balance;
  
//scanning input.
cout<<"enter initial deposit: ";
cin>>deposit;
cout<<"enter interest rate(%): ";
cin>>interest_rate; //interest_rate is given in percentage
cout<<"enter number of years: ";
cin>>no_years;
  
  
growth_rate=(deposit*interest_rate)/100; //calculate growth_rate.
total_interest=no_years*growth_rate; //calculate total_interest
fin_balance=total_interest+deposit; //calculate final balance.
  
  
//display results.
cout<<endl;
cout<<"initial deposit: "<<deposit<<endl;
cout<<"interest rate: "<<interest_rate<<endl;
cout<<"number of years: "<<no_years<<endl;
cout<<"total_interest: "<<total_interest<<endl;
cout<<"The final balance of your account will be "<<fin_balance<<" after "<<no_years<<" years ";

return 0;
}

OUTPUT:

SCREENSHOT OF THE CODE:

EXPLANTATION:

when taking interest rate in percentage

final balance = deposit + total interest.