An online bank wants you to create a program that shows prospective customers how their deposits will grow. Your program should

Answer:

import java.util.Scanner;

public class Main

{

public static void main(String[] args) {

 Scanner input = new Scanner(System.in);

 System.out.print("Please enter the initial balance: ");

 double initialBalance = input.nextDouble();

 System.out.print("Please enter the annual interest rate: ");

 

 double annualInterestRate = input.nextDouble();

 double monthlyInterest = (annualInterestRate / 100) / 12;

       double currentBalance = initialBalance + (initialBalance * monthlyInterest);

 

 for(int month=1; month<=3; month++){

     System.out.printf("Balance after month " + month + ": %.2f \n", ((initialBalance + (initialBalance * monthlyInterest)* month)));

 }

}

}

Explanation:

* The provided code is developed in Java

- Requests the user to provide the initial balance and the annual interest rate

- Computes the monthly interest rate

- Determines the current balance

- Calculates the balance amount after the first three months, utilizing a loop for repetition

Answer:

1. init_balance = float(input("Enter initial balance: "))
2. interest = float(input("Enter the annual interest rate in percent: "))
4. monthly_interest = (interest / 100) / 12
5. current_amount = init_balance + init_balance * monthly_interest
6. print("Balance after first month: %.2f " % current_amount)
8. current_amount = current_amount + current_amount * monthly_interest
9. print("Balance after second month: %.2f " % current_amount)
11. current_amount = current_amount + current_amount * monthly_interest
12. print("Balance after third month: %.2f " % current_amount)

Explanation:

The following code is written in Python.

First, prompt the user to input the initial balance and annual interest rate (Lines 1-2).

Next, derive the monthly interest rate by dividing the annual interest by 100 and then by 12 (Line 4).

The calculations for the current amount are applied, adding the monthly interest (Line 5) and displaying the balance after the first month (Line 6).

This procedure is repeated to compute amounts for the second and third months, followed by printing the results to the console (Lines 8-12).