Compound interest is the practice of taking interest from a loan or account and

Question

Compound interest is the practice of taking interest from a loan or account and adding it back to the original loan or account. The next time that interest is calculated, it will be calculated based on an amount of (1+r) P, where r is the interest rate and P is the original (principal) amount. Given the following function declaration: define a C++ function that can be used to calculate the final value of an account that suns with value dollars and accumulates compound interest over n interest periods. You only need to write the function definition.

Explanation / Answer

double currentInterestRate(int r)

{

int x= pow((1+ r/n), (n*t));

//r = the annual interest rate (decimal)
//n = the number of times that interest is compounded per year
//t = the number of years the money is invested or borrowed for

return x/100;

}

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