Here is the complete question.
Compute and output compound interest on $1000.00 for 10 years at interest rates of 5%, 6%, 7%, 8%, 9% and 10%
This is an exercise in creating nested loops. You must have an inner loop that calculates compound interest via
For 1 to 10
amt = rate*amt + amt;
You should have an outer loop that iterates the rate from 0.05 to 1.0.
Interest on $1000.00 over 10 years
rate total
0.05 $1628.89
0.06 $1790.85
0.07 $1967.15
0.08 $2158.92
0.09 $2367.36
0.1 $2593.74
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Answer:
Explanation:
The main objective here is to compute and output compound interest program for the above given data set using the C++.
SO THE PROGRAM GOES THUS:
#include <iostream>
using namespace std;
int main()
{
double amt;
double rate = 0.05;
cout << "\nCompunt interest: " << endl << endl;
cout << "Rate\tTotal" << endl << endl;
for (int i = 0; i < 6; i++)
{
amt = 1000;
for (int j = 0; j < 10; j++)
{
amt = (rate * amt) + amt;
}
cout << rate << "\t$" << amt << endl;
rate = rate + 0.01;
}
system("pause");
}
AND THE SAMPLE OUTPUT IS:
Compound Interest:
Rate Total
0.05 $1628.89
0.06 $1790.85
0.07 $1967.15
0.08 $2158.92
0.09 $2367.36
0.1 $2593.74
Press any key to continue...
