C++ Programming assignment. - suppose you deposit $50 per month in a bank accoun

Question

C++ Programming assignment.

- suppose you deposit $50 per month in a bank account every month for a year. Every month, after the deposit has been made, interest at the rate of 1 percent is added to the balance, e.g. after one month, the balance is $50.50, and after two months it is $101.51. Write a C++ program to compute and print the balance each month for a year. Arrange the output to look something like this: (hint: use a for loop)

                                                                      MONTH    MONTH-END BALANCE

                                                                            1                         50.50

                                                                            2                          101.51

                                                                           3                             153.02

                                                                         ...

                                                                         12                             640.47

Explanation / Answer

#include <iostream>
int main()
{
double principal, interest_rate, balance, interest;
int month, total_months;

cout << Enter a Current Balance/principal amount in your account: $ ";
cin >> principal;

cout << Enter the interest rate: ";
cin >> interest_rate;

interest_rate /= 100;
total_months = 12 ;
balance = principal;

for ( month = 0; months < total_months; ++month )
    {
      interest = balance * interest_rate;
      balance += interest;
      cout << "After month " << month << ", your Month-End balance is : $" << balance <<

endl;
    }
   return 0;

}

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