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Unformatted text preview: 15-100 PROGRAM 1 - FALL 2007Due: Monday, September 10 by 11:59PM using electronic hand-in TC Bank has hired you to create a program to compute the final value of a certificate of deposit for a customer. In this account, the customer deposits some initial amount (D) and then leaves the money in the account for exactly one year. During this year, the account earns an annual rate of compounded interest of I. The number of times per year that the account earns interest is given by n. The final amount in the certificate of deposit at the end of the year based on the information above is given by the formula: F=D1+IN"#$%&’NFor example, customer A. Carnegie opens a certificate of deposit with $15100.00 for exactly one year with an interest rate of 6% "compounded monthly". The phrase "compounded monthly" means that interest is earned every month, or 12 times per year. This means that D = 15100.00, I = 0.06 and N = 12. Based on the formula above, A....
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- Fall '07
- Deposit account, deposit, initial deposit, TC Bank