Computers and Technology, 07.10.2020 22:01 richardharding

Example: An amount of $1,500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly. What is the balance after 6 years? Solution: Using the compound interest formula, we have that P = 1500, r = 4.3/100 = 0.043, n = 4, t = 6. Therefore, Example Solution: A = 1500(1+0.043/4)4 (6) So, the balance after 6 years is approximately $1,938.84. Display the original deposit, the interest earned and the new Balance (with interested added to the deposit). Your program will prompt user for the name of input file and will process all the data in the file. Refer to the samples below for input file and output format.

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