CS 1401 Introduction to Computer Science
Fall 2014, Lab 5

Assignment. This is similar to Lab 4, but now, instead of predicting how your deposit will increase in one year, you need to predict how it will increase in a given number of years. Write a program that prompts the user to input: Your program should find out, for each of these years:

Example. Suppose that the threshold is $1,000, the smaller interest rate is 0.9%, the larger interest rate is 1.5%, you invest $990, and you want to trace this amount for 3 years.

In the first year, the amount is smaller than the threshold, so your effective interest rate is 0.9%. This means that at the end of Year 1, you earn an additional amount of $990 * (0.9 / 100) = $8.91. Thus, at the end of Year 1, your deposit will be equal to $990 + $8.91 = $998.91.

The resulting amount is still smaller than the threshold, so in Year 2, your effective interest rate is still 0.9%. This means that at the end of Year 2, you earn an additional amount of $998.91 * (0.9 / 100) = $8.99. Thus, at the end of Year 2, your deposit will be equal to $998.91 + $8.99 = $1,007.90.

This amount is already larger than the threshold, so your effective interest rate is 1.5%. This means that at the end of Year 3, you earn an additional amount of $1,007.90 * (1.5 / 100) = $15.12. Thus, at the end of Year 1, your deposit will be equal to $1,007.90 + $15.12 = $1,023.02.

You should present the results of the computations in a nice and clear form, e.g., as follows:

Report on John Johnson's saving account:
Original amount              990.00

Year 1:
effective interest rate        0.9%
amount gained                  8.91
amount at the end of Year    998.91

Year 2:
effective interest rate        0.9%
amount gained                  8.99
amount at the end of Year   1007.90

Year 3:
effective interest rate        1.5%
amount gained                 15.12
amount at the end of Year   1023.02

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When it is due. The program is due at the beginning of the first lab section on the week of October 6, i.e.: