Write a program that takes a bank account balance and an interest rate as an input. And then outputs the value of the account in 5 years. The output should show the value of the account for two different methods of compounding interest: annually and monthly. When compounded annually, the interest is added once per year at the end of the year. When compounded monthly the interest is added in 12 times per year. On annual interest, you can assume that the interest is posted exactly one year from the date of deposit. In other words, you do not have to worry about interest being posted on a specific day of the year, like December 31. Similarly, you can assume monthly interest is posted exactly one month after. Since the account earns interest on the interest, the account should have a higher balance when interest is posted more frequently. Be sure to adjust the interest rate for the time period of the interest. If the rate is 5%, then when posting monthly interest, you use (5/12%). Do your calculations using a loop that adds in the interest for each time period. (Do not use some sort of algebraic formula). Your program should have an outer loop that allows the user to repeat this calculation for a new balance and interest rate.

OUTPUT 1

Bank Account Balance: 100

Interest Rate: 5

Mode Menu

[1] Annually

[2] Monthly

Option: 1

Annually Interest

Bank Account Balance in Year 1: 105.00

Bank Account Balance in Year 2: 110.25

Bank Account Balance in Year 3: 115.76

Bank Account Balance in Year 4: 121.55

Bank Account Balance in Year 5: 127.63

OUTPUT 2

Bank Account Balance: 100

Interest Rate: 5

Mode Menu

[1] Annually

[2] Monthly

Option: 2

Monthly Interest

Year 1

Bank Account Balance in Month 1: 100.42

Bank Account Balance in Month 2: 100.84

Bank Account Balance in Month 3: 101.26

Bank Account Balance in Month 4: 101.68

Bank Account Balance in Month 5: 102.10

Bank Account Balance in Month 6: 102.53

Bank Account Balance in Month 7: 102.95

Bank Account Balance in Month 8: 103.38

Bank Account Balance in Month 9: 103.81

Bank Account Balance in Month 10: 104.25

Bank Account Balance in Month 11: 104.68

Bank Account Balance in Month 12: 105.12

Year 2

Bank Account Balance in Month 1: 105.55

Bank Account Balance in Month 2: 105.99

Bank Account Balance in Month 3: 106.44

Bank Account Balance in Month 4: 106.88

Bank Account Balance in Month 5: 107.32

Bank Account Balance in Month 6: 107.77

Bank Account Balance in Month 7: 108.22

Bank Account Balance in Month 8: 108.67

Bank Account Balance in Month 9: 109.12

Bank Account Balance in Month 10: 109.58

Bank Account Balance in Month 11: 110.04

Bank Account Balance in Month 12: 110.49

Year 3

Bank Account Balance in Month 1: 110.95

Bank Account Balance in Month 2: 111.42

Bank Account Balance in Month 3: 111.88

Bank Account Balance in Month 4: 112.35

Bank Account Balance in Month 5: 112.82

Bank Account Balance in Month 6: 113.29

Bank Account Balance in Month 7: 113.76

Bank Account Balance in Month 8: 114.23

Bank Account Balance in Month 9: 114.71

Bank Account Balance in Month 10: 115.19

Bank Account Balance in Month 11: 115.67

Bank Account Balance in Month 12: 116.15

Year 4

Bank Account Balance in Month 1: 116.63

Bank Account Balance in Month 2: 117.12

Bank Account Balance in Month 3: 117.61

Bank Account Balance in Month 4: 118.10

Bank Account Balance in Month 5: 118.59

Bank Account Balance in Month 6: 119.08

Bank Account Balance in Month 7: 119.58

Bank Account Balance in Month 8: 120.08

Bank Account Balance in Month 9: 120.58

Bank Account Balance in Month 10: 121.08

Bank Account Balance in Month 11: 121.58

Bank Account Balance in Month 12: 122.09

Year 5

Bank Account Balance in Month 1: 122.60

Bank Account Balance in Month 2: 123.11

Bank Account Balance in Month 3: 123.62

Bank Account Balance in Month 4: 124.14

Bank Account Balance in Month 5: 124.65

Bank Account Balance in Month 6: 125.17

Bank Account Balance in Month 7: 125.70

Bank Account Balance in Month 8: 126.22

Bank Account Balance in Month 9: 126.74

Bank Account Balance in Month 10: 127.27

Bank Account Balance in Month 11: 127.80

Bank Account Balance in Month 12: 128.34

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Transcribed Image Text:Codio Project File Edit Find View Tools Education Help Compile & Run Project Index (static) O Debug Current File task3.c 4. Task 3: Using a... Your code goes here... Collapse > 4. Task 3: Using a nested loop Write a program that takes a bank account balance and an interest rate as an input. And then outputs the value of the account in 5 years. The output should show the value of the 100% (1:0) C

Question

Write a program that takes a bank account balance and an interest rate as an input. And then outputs the value of the account in 5 years. The output should show the value of the account for two different methods of compounding interest: annually and monthly. When compounded annually, the interest is added once per year at the end of the year. When compounded monthly the interest is added in 12 times per year. On annual interest, you can assume that the interest is posted exactly one year from the date of deposit. In other words, you do not have to worry about interest being posted on a specific day of the year, like December 31. Similarly, you can assume monthly interest is posted exactly one month after. Since the account earns interest on the interest, the account should have a higher balance when interest is posted more frequently. Be sure to adjust the interest rate for the time period of the interest. If the rate is 5%, then when posting monthly interest, you use (5/12%). Do your calculations using a loop that adds in the interest for each time period. (Do not use some sort of algebraic formula). Your program should have an outer loop that allows the user to repeat this calculation for a new balance and interest rate.

OUTPUT 1
Bank Account Balance: 100
Interest Rate: 5
Mode Menu
[1] Annually
[2] Monthly
Option: 1
Annually Interest
Bank Account Balance in Year 1: 105.00
Bank Account Balance in Year 2: 110.25
Bank Account Balance in Year 3: 115.76
Bank Account Balance in Year 4: 121.55
Bank Account Balance in Year 5: 127.63

OUTPUT 2
Bank Account Balance: 100
Interest Rate: 5
Mode Menu
[1] Annually
[2] Monthly
Option: 2
Monthly Interest
Year 1
Bank Account Balance in Month 1: 100.42
Bank Account Balance in Month 2: 100.84
Bank Account Balance in Month 3: 101.26
Bank Account Balance in Month 4: 101.68
Bank Account Balance in Month 5: 102.10
Bank Account Balance in Month 6: 102.53
Bank Account Balance in Month 7: 102.95
Bank Account Balance in Month 8: 103.38
Bank Account Balance in Month 9: 103.81
Bank Account Balance in Month 10: 104.25
Bank Account Balance in Month 11: 104.68
Bank Account Balance in Month 12: 105.12
Year 2
Bank Account Balance in Month 1: 105.55
Bank Account Balance in Month 2: 105.99
Bank Account Balance in Month 3: 106.44
Bank Account Balance in Month 4: 106.88
Bank Account Balance in Month 5: 107.32
Bank Account Balance in Month 6: 107.77
Bank Account Balance in Month 7: 108.22
Bank Account Balance in Month 8: 108.67
Bank Account Balance in Month 9: 109.12
Bank Account Balance in Month 10: 109.58
Bank Account Balance in Month 11: 110.04
Bank Account Balance in Month 12: 110.49
Year 3
Bank Account Balance in Month 1: 110.95
Bank Account Balance in Month 2: 111.42
Bank Account Balance in Month 3: 111.88
Bank Account Balance in Month 4: 112.35
Bank Account Balance in Month 5: 112.82
Bank Account Balance in Month 6: 113.29
Bank Account Balance in Month 7: 113.76
Bank Account Balance in Month 8: 114.23
Bank Account Balance in Month 9: 114.71
Bank Account Balance in Month 10: 115.19
Bank Account Balance in Month 11: 115.67
Bank Account Balance in Month 12: 116.15
Year 4
Bank Account Balance in Month 1: 116.63
Bank Account Balance in Month 2: 117.12
Bank Account Balance in Month 3: 117.61
Bank Account Balance in Month 4: 118.10
Bank Account Balance in Month 5: 118.59
Bank Account Balance in Month 6: 119.08
Bank Account Balance in Month 7: 119.58
Bank Account Balance in Month 8: 120.08
Bank Account Balance in Month 9: 120.58
Bank Account Balance in Month 10: 121.08
Bank Account Balance in Month 11: 121.58
Bank Account Balance in Month 12: 122.09
Year 5
Bank Account Balance in Month 1: 122.60
Bank Account Balance in Month 2: 123.11
Bank Account Balance in Month 3: 123.62
Bank Account Balance in Month 4: 124.14
Bank Account Balance in Month 5: 124.65
Bank Account Balance in Month 6: 125.17
Bank Account Balance in Month 7: 125.70
Bank Account Balance in Month 8: 126.22
Bank Account Balance in Month 9: 126.74
Bank Account Balance in Month 10: 127.27
Bank Account Balance in Month 11: 127.80
Bank Account Balance in Month 12: 128.34

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task3.c
4. Task 3: Using a...
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4. Task 3: Using a nested loop
Write a program that takes a
bank account balance and an
interest rate as an input. And
then outputs the value of the
account in 5 years. The output
should show the value of the
100% (1:0)
C

Accepted Answer

Since you are not specify any language for implementation I am doing in C language.
Program…

ask3.c 4. Task 3: Using a.. 1 Your code goes here... Collapse 4. Task 3: Using a nested loop Write a program that takes a bank account balance and an interest rate as an input. And then outputs the value of the account in 5 years. The output should show the value of the e0% (1:0)