Question

Python Code that predicts the amount of money you will have in your IRA when you retire. Inputs are: 1. Number of years until you retire, it must be a whole number (integer) in the range 1 to 70. Any number outside of this range is to be rejected and the user will be required to enter the value again, this repeat must be done until a valid number is input. 2. Expected interest rate as a percent (this the average expected earnings per year until retirement is reached). The number must be 0 or greater, any other value will be rejected and as above, the user must be polled until a valid number is input. If the number is greater than 10%, the user must be asked if he/she really expects to earn this much, if the user replies in the affirmative, the number is to be used, otherwise the user will be asked to input the value again and the above checks will be made. 3. The initial amount in the IRA. This is a decimal number and may be any non-negative number. If a negative number is entered, the value is to be rejected and the user will be required to enter an acceptable value. Again, loop until a valid value is input. 4. The amount expected to be added to the IRA each year. This is a decimal number in the range of 0 to $2,500. The program must loop asking for this value until a valid value is entered. After the data is input and validated, the program is to loop printing out the value of the IRA every 5 years and the value at the end of the time entered as input #1. The value is to be computed in a loop where the value each year is determined by: value = value + (value)*rate + yearlyInput

Answer 1

Answer:

yearsUntilRetire =0

expectedInterest =-1.00

initialAmount =-1.0

expectedAmountToAdd = -1.00

while yearsUntilRetire < 1 or yearsUntilRetire > 70:

yearsUntilRetire = int(input("Number of year until you retire between 1 to 70: "))

while expectedInterest <0 :

expectedInterest = float(input("enter the expected rate : "))

if expectedInterest >= 10:

doubleCheckRate = input("do you really expect {} interest rate: ".format(expectedInterest)).lower()

if doubleCheckRate == "false":

expectedInterest =-1.00

while initialAmount < 0:

initialAmount = float(input("Enter positive initial amount for IRA: "))

while expectedAmountToAdd < 0 or expectedAmountToAdd > 2500:

expectedAmountToAdd = float(input("Enter positive IRA amount to be added each year between 0 to $2500: "))

finalContribution =initialAmount

for i in range(yearsUntilRetire):

finalContribution = finalContribution + finalContribution * (expectedInterest/100.00) + expectedAmountToAdd

if (i+1) % 5 == 0:

print("Contribution after year {} is ${:,.2f}.".format(i+1,finalContribution))

 

print("Final Contribution is ${:,.2f}.".format(finalContribution))

Explanation:

• Use a loop to get the valid input from the user for years until retire between 1 to 70 .
• Get the valid input for expected rate .
• Check if expected rate is greater than or equal to 10 then ask the user again if one expect such high rate .
• Use a loop to get valid IRA initial Contribution .
• Use a loop to get expected Amount to add regularly in IRA .
• Iterate over numbers of year and print the data after 5 years .