Question

Compute and output compound interest on $1000.00 for 10 years at interest rates of 5%, 6%, 7%, 8%, 9% and 10% This is an exercise in creating nested loops. You must have an inner loop that calculates compound interest via For 1 to 10 amt

Answer 1

Here is the complete question.

Compute and output compound interest on $1000.00 for 10 years at interest rates of 5%, 6%, 7%, 8%, 9% and 10%

This is an exercise in creating nested loops. You must have an inner loop that calculates compound interest via

For 1 to 10  

amt = rate*amt + amt;

You should have an outer loop that iterates the rate from 0.05 to 1.0.

Interest on $1000.00 over 10 years

rate     total

0.05     $1628.89

0.06     $1790.85

0.07     $1967.15

0.08     $2158.92

0.09    $2367.36

0.1       $2593.74

Press any key to continue

Answer:

Explanation:

The main objective here is to compute  and output compound interest program for the above given data set using the C++.

SO THE PROGRAM GOES THUS:

#include <iostream>

using namespace std;

int main()

{

    double amt;

    double rate = 0.05;

    cout << "\nCompunt interest: " << endl << endl;

    cout << "Rate\tTotal" << endl << endl;

    for (int i = 0; i < 6; i++)

    {

         amt = 1000;

         for (int j = 0; j < 10; j++)

         {

             amt = (rate * amt) + amt;

         }

         cout << rate << "\t$" << amt << endl;

         rate = rate + 0.01;

    }

    system("pause");

}

AND THE SAMPLE OUTPUT IS:

Compound Interest:

Rate             Total

0.05         $1628.89

0.06         $1790.85

0.07         $1967.15

0.08         $2158.92

0.09         $2367.36

0.1            $2593.74

Press any key to continue...