Assuming there are no deposits other than the original investment, the balance in a savings account after one year may be calculated as: Amount = Principal * (1 + Rate/T) ^T where Principal is the balance in the account, Rate is the annual interest rate, and T is the number of times the interest is compounded during a year. (e.g., T is 4 if the interest is compounded quarterly.)
Write a program that asks for the principal, the interest rate, and the number of times the interest is compounded.
It should display a report similar to the following: Interest Rate: 4.25% Times Compounded: 12 Principal: $ 1000.00 Interest: $ 43.33 Final balance: $ 1043.33