draw hierarchy charts or flowcharts that depict the programs described style=\'c
ID: 3540908 • Letter: D
Question
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1.Account Balance these steps should be followed in a program that calculates the current balance in a savings account. The program must ask for:style='color: black; font-family: "sabon-roman","serif"; font-size: 11pt; mso-bidi-font-family: sabon-roman;'>
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- the starting balance
- the total dollar amount of deposits made
- the total dollar amount of withdrawals made
- the monthly interest rate
Once the program calculates the current balance, it displays the current balance on the screen
Explanation / Answer
It's not as easy as that. It would depend on when the deposits and withdrawals were made during the month. Usually, banks use the "average daily balance" to calculate interest earned during the month. I will give you an example of how it works. Let's say you want to know what the current balance should be for December. Your starting balance was 500. You made a deposit on the 5th and another on the 15th of 300 each. You also made withdrawals on the 8th and 18th of 200 each.
So you actually had 5 diferent balances in your account. Here's how you would calculate it.
From Dec 1 to Dec 4 (4 days) you had a balance of 500
From Dec 5 to Dec 7 (3 days) you had a balance of 800
From Dec 8 to Dec 14 (7 days) you had a balance of 600
From Dec 15 to Dec 17 (3 days) you had a balance of 900
From Dec 18 to Dec 31 (14 days) you had a balance of 700
4 x 500 = 2,000
3 x 800 = 2,400
7 x 600 = 4,200
3 x 900 = 2,700
14 x 700 = 9,800
2,000 + 2,400 + 4,200 + 2,700 + 9,800 = 21,100
There are 31 days in December
So:
21,100 / 31 = 680.65 average daily balance.
If the interest rate is .5% interest per month
680.85 x 0.005 = 3.40 interest earned.
700 + 3.40 = 703.40 current balance
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