Write a program that takes a bank account balance and an interest rate as an input. And then outputs the value of the account in 5 years. The output should show the value of the account for two different methods of compounding interest: annually and monthly. When compounded annually, the interest is added once per year at the end of the year. When compounded monthly the interest is added in 12 times per year. On annual interest, you can assume that the interest is posted exactly one year from the date of deposit. In other words, you do not have to worry about interest being posted on a specific day of the year, like December 31. Similarly, you can assume monthly interest is posted exactly one month after. Since the account earns interest on the interest, the account should have a higher balance when interest is posted more frequently. Be sure to adjust the interest rate for the time period of the interest. If the rate is 5%, then when posting monthly interest, you use (5/12%). Do your calculations using a loop that adds in the interest for each time period. (Do not use some sort of algebraic formula). Your program should have an outer loop that allows the user to repeat this calculation for a new balance and interest rate. OUTPUT 1 Bank Account Balance: 100 Interest Rate: 5 Mode Menu [1] Annually [2] Monthly Option: 1 Annually Interest Bank Account Balance in Year 1: 105.00 Bank Account Balance in Year 2: 110.25 Bank Account Balance in Year 3: 115.76 Bank Account Balance in Year 4: 121.55 Bank Account Balance in Year 5: 127.63 OUTPUT 2 Bank Account Balance: 100 Interest Rate: 5 Mode Menu [1] Annually [2] Monthly Option: 2 Monthly Interest Year 1 Bank Account Balance in Month 1: 100.42 Bank Account Balance in Month 2: 100.84 Bank Account Balance in Month 3: 101.26 Bank Account Balance in Month 4: 101.68 Bank Account Balance in Month 5: 102.10 Bank Account Balance in Month 6: 102.53 Bank Account Balance in Month 7: 102.95 Bank Account Balance in Month 8: 103.38 Bank Account Balance in Month 9: 103.81 Bank Account Balance in Month 10: 104.25 Bank Account Balance in Month 11: 104.68 Bank Account Balance in Month 12: 105.12 Year 2 Bank Account Balance in Month 1: 105.55 Bank Account Balance in Month 2: 105.99 Bank Account Balance in Month 3: 106.44 Bank Account Balance in Month 4: 106.88 Bank Account Balance in Month 5: 107.32 Bank Account Balance in Month 6: 107.77 Bank Account Balance in Month 7: 108.22 Bank Account Balance in Month 8: 108.67 Bank Account Balance in Month 9: 109.12 Bank Account Balance in Month 10: 109.58 Bank Account Balance in Month 11: 110.04 Bank Account Balance in Month 12: 110.49 Year 3 Bank Account Balance in Month 1: 110.95 Bank Account Balance in Month 2: 111.42 Bank Account Balance in Month 3: 111.88 Bank Account Balance in Month 4: 112.35 Bank Account Balance in Month 5: 112.82 Bank Account Balance in Month 6: 113.29 Bank Account Balance in Month 7: 113.76 Bank Account Balance in Month 8: 114.23 Bank Account Balance in Month 9: 114.71 Bank Account Balance in Month 10: 115.19 Bank Account Balance in Month 11: 115.67 Bank Account Balance in Month 12: 116.15 Year 4 Bank Account Balance in Month 1: 116.63 Bank Account Balance in Month 2: 117.12 Bank Account Balance in Month 3: 117.61 Bank Account Balance in Month 4: 118.10 Bank Account Balance in Month 5: 118.59 Bank Account Balance in Month 6: 119.08 Bank Account Balance in Month 7: 119.58 Bank Account Balance in Month 8: 120.08 Bank Account Balance in Month 9: 120.58 Bank Account Balance in Month 10: 121.08 Bank Account Balance in Month 11: 121.58 Bank Account Balance in Month 12: 122.09 Year 5 Bank Account Balance in Month 1: 122.60 Bank Account Balance in Month 2: 123.11 Bank Account Balance in Month 3: 123.62 Bank Account Balance in Month 4: 124.14 Bank Account Balance in Month 5: 124.65 Bank Account Balance in Month 6: 125.17 Bank Account Balance in Month 7: 125.70 Bank Account Balance in Month 8: 126.22 Bank Account Balance in Month 9: 126.74 Bank Account Balance in Month 10: 127.27 Bank Account Balance in Month 11: 127.80 Bank Account Balance in Month 12: 128.34 NOTE: Your source code must display any of the given sample output below. It means your source code should be flexible enough to meet any of the given sample output. Your source code output must be identical to any of the given sample output. It means you have to strictly follow what are the displayed text, labels, casing of characters in the sample output. PLEASE HELP! I'LL RATE!

Write a program that takes a bank account balance and an interest rate as an input. And then outputs the value of the account in 5 years. The output should show the value of the account for two different methods of compounding interest: annually and monthly. When compounded annually, the interest is added once per year at the end of the year. When compounded monthly the interest is added in 12 times per year. On annual interest, you can assume that the interest is posted exactly one year from the date of deposit. In other words, you do not have to worry about interest being posted on a specific day of the year, like December 31. Similarly, you can assume monthly interest is posted exactly one month after. Since the account earns interest on the interest, the account should have a higher balance when interest is posted more frequently. Be sure to adjust the interest rate for the time period of the interest. If the rate is 5%, then when posting monthly interest, you use (5/12%). Do your calculations using a loop that adds in the interest for each time period. (Do not use some sort of algebraic formula). Your program should have an outer loop that allows the user to repeat this calculation for a new balance and interest rate. OUTPUT 1 Bank Account Balance: 100 Interest Rate: 5 Mode Menu [1] Annually [2] Monthly Option: 1 Annually Interest Bank Account Balance in Year 1: 105.00 Bank Account Balance in Year 2: 110.25 Bank Account Balance in Year 3: 115.76 Bank Account Balance in Year 4: 121.55 Bank Account Balance in Year 5: 127.63 OUTPUT 2 Bank Account Balance: 100 Interest Rate: 5 Mode Menu [1] Annually [2] Monthly Option: 2 Monthly Interest Year 1 Bank Account Balance in Month 1: 100.42 Bank Account Balance in Month 2: 100.84 Bank Account Balance in Month 3: 101.26 Bank Account Balance in Month 4: 101.68 Bank Account Balance in Month 5: 102.10 Bank Account Balance in Month 6: 102.53 Bank Account Balance in Month 7: 102.95 Bank Account Balance in Month 8: 103.38 Bank Account Balance in Month 9: 103.81 Bank Account Balance in Month 10: 104.25 Bank Account Balance in Month 11: 104.68 Bank Account Balance in Month 12: 105.12 Year 2 Bank Account Balance in Month 1: 105.55 Bank Account Balance in Month 2: 105.99 Bank Account Balance in Month 3: 106.44 Bank Account Balance in Month 4: 106.88 Bank Account Balance in Month 5: 107.32 Bank Account Balance in Month 6: 107.77 Bank Account Balance in Month 7: 108.22 Bank Account Balance in Month 8: 108.67 Bank Account Balance in Month 9: 109.12 Bank Account Balance in Month 10: 109.58 Bank Account Balance in Month 11: 110.04 Bank Account Balance in Month 12: 110.49 Year 3 Bank Account Balance in Month 1: 110.95 Bank Account Balance in Month 2: 111.42 Bank Account Balance in Month 3: 111.88 Bank Account Balance in Month 4: 112.35 Bank Account Balance in Month 5: 112.82 Bank Account Balance in Month 6: 113.29 Bank Account Balance in Month 7: 113.76 Bank Account Balance in Month 8: 114.23 Bank Account Balance in Month 9: 114.71 Bank Account Balance in Month 10: 115.19 Bank Account Balance in Month 11: 115.67 Bank Account Balance in Month 12: 116.15 Year 4 Bank Account Balance in Month 1: 116.63 Bank Account Balance in Month 2: 117.12 Bank Account Balance in Month 3: 117.61 Bank Account Balance in Month 4: 118.10 Bank Account Balance in Month 5: 118.59 Bank Account Balance in Month 6: 119.08 Bank Account Balance in Month 7: 119.58 Bank Account Balance in Month 8: 120.08 Bank Account Balance in Month 9: 120.58 Bank Account Balance in Month 10: 121.08 Bank Account Balance in Month 11: 121.58 Bank Account Balance in Month 12: 122.09 Year 5 Bank Account Balance in Month 1: 122.60 Bank Account Balance in Month 2: 123.11 Bank Account Balance in Month 3: 123.62 Bank Account Balance in Month 4: 124.14 Bank Account Balance in Month 5: 124.65 Bank Account Balance in Month 6: 125.17 Bank Account Balance in Month 7: 125.70 Bank Account Balance in Month 8: 126.22 Bank Account Balance in Month 9: 126.74 Bank Account Balance in Month 10: 127.27 Bank Account Balance in Month 11: 127.80 Bank Account Balance in Month 12: 128.34 NOTE: Your source code must display any of the given sample output below. It means your source code should be flexible enough to meet any of the given sample output. Your source code output must be identical to any of the given sample output. It means you have to strictly follow what are the displayed text, labels, casing of characters in the sample output. PLEASE HELP! I'LL RATE!

C++ Programming: From Problem Analysis to Program Design

8th Edition

ISBN:9781337102087

Author:D. S. Malik

Publisher:D. S. Malik

Chapter5: Control Structures Ii (repetition)

Section: Chapter Questions

Problem 21PE

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Write a program that takes a bank account balance and an interest rate as an input. And then outputs the value of the account in 5 years. The output should show the value of the account for two different methods of compounding interest: annually and monthly. When compounded annually, the interest is added once per year at the end of the year. When compounded monthly the interest is added in 12 times per year. On annual interest, you can assume that the interest is posted exactly one year from the date of deposit. In other words, you do not have to worry about interest being posted on a specific day of the year, like December 31. Similarly, you can assume monthly interest is posted exactly one month after. Since the account earns interest on the interest, the account should have a higher balance when interest is posted more frequently. Be sure to adjust the interest rate for the time period of the interest. If the rate is 5%, then when posting monthly interest, you use (5/12%). Do your calculations using a loop that adds in the interest for each time period. (Do not use some sort of algebraic formula). Your program should have an outer loop that allows the user to repeat this calculation for a new balance and interest rate.

OUTPUT 1
Bank Account Balance: 100
Interest Rate: 5
Mode Menu
[1] Annually
[2] Monthly
Option: 1
Annually Interest
Bank Account Balance in Year 1: 105.00
Bank Account Balance in Year 2: 110.25
Bank Account Balance in Year 3: 115.76
Bank Account Balance in Year 4: 121.55
Bank Account Balance in Year 5: 127.63

OUTPUT 2
Bank Account Balance: 100
Interest Rate: 5
Mode Menu
[1] Annually
[2] Monthly
Option: 2
Monthly Interest
Year 1
Bank Account Balance in Month 1: 100.42
Bank Account Balance in Month 2: 100.84
Bank Account Balance in Month 3: 101.26
Bank Account Balance in Month 4: 101.68
Bank Account Balance in Month 5: 102.10
Bank Account Balance in Month 6: 102.53
Bank Account Balance in Month 7: 102.95
Bank Account Balance in Month 8: 103.38
Bank Account Balance in Month 9: 103.81
Bank Account Balance in Month 10: 104.25
Bank Account Balance in Month 11: 104.68
Bank Account Balance in Month 12: 105.12
Year 2
Bank Account Balance in Month 1: 105.55
Bank Account Balance in Month 2: 105.99
Bank Account Balance in Month 3: 106.44
Bank Account Balance in Month 4: 106.88
Bank Account Balance in Month 5: 107.32
Bank Account Balance in Month 6: 107.77
Bank Account Balance in Month 7: 108.22
Bank Account Balance in Month 8: 108.67
Bank Account Balance in Month 9: 109.12
Bank Account Balance in Month 10: 109.58
Bank Account Balance in Month 11: 110.04
Bank Account Balance in Month 12: 110.49
Year 3
Bank Account Balance in Month 1: 110.95
Bank Account Balance in Month 2: 111.42
Bank Account Balance in Month 3: 111.88
Bank Account Balance in Month 4: 112.35
Bank Account Balance in Month 5: 112.82
Bank Account Balance in Month 6: 113.29
Bank Account Balance in Month 7: 113.76
Bank Account Balance in Month 8: 114.23
Bank Account Balance in Month 9: 114.71
Bank Account Balance in Month 10: 115.19
Bank Account Balance in Month 11: 115.67
Bank Account Balance in Month 12: 116.15
Year 4
Bank Account Balance in Month 1: 116.63
Bank Account Balance in Month 2: 117.12
Bank Account Balance in Month 3: 117.61
Bank Account Balance in Month 4: 118.10
Bank Account Balance in Month 5: 118.59
Bank Account Balance in Month 6: 119.08
Bank Account Balance in Month 7: 119.58
Bank Account Balance in Month 8: 120.08
Bank Account Balance in Month 9: 120.58
Bank Account Balance in Month 10: 121.08
Bank Account Balance in Month 11: 121.58
Bank Account Balance in Month 12: 122.09
Year 5
Bank Account Balance in Month 1: 122.60
Bank Account Balance in Month 2: 123.11
Bank Account Balance in Month 3: 123.62
Bank Account Balance in Month 4: 124.14
Bank Account Balance in Month 5: 124.65
Bank Account Balance in Month 6: 125.17
Bank Account Balance in Month 7: 125.70
Bank Account Balance in Month 8: 126.22
Bank Account Balance in Month 9: 126.74
Bank Account Balance in Month 10: 127.27
Bank Account Balance in Month 11: 127.80
Bank Account Balance in Month 12: 128.34

NOTE:
Your source code must display any of the given sample output below.
It means your source code should be flexible enough to meet any of the given sample output.
Your source code output must be identical to any of the given sample output.
It means you have to strictly follow what are the displayed text, labels, casing of characters in the sample output.

PLEASE HELP! I'LL RATE!

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