2023 PIC 10A Lecture 3 Fall 2014 Homework Assignment 5 Due Wednesday November 12 2014 at 6 00pm | Assignment Collections

PIC 10A Lecture 3 Fall 2014 Homework Assignment #5 Due Wednesday, November 12, 2014 at 6:00pm. Objectives: 1. To become familiar with defining and calling functions. 2. To make sure keyboard input is of the correct type. 3. To use functions in the cmath library. 4. To practice using for loops 5. To learn about compounded interest. Background: Interest is payment for the use of borrowed money. When interest is compounded, it is added to the amount of money borrowed and used in the calculation of any future interest. Given an annual interest rate r and an initial amount of money borrowed (called the principal) B0, we can compute the balance B(t) of an account after t years using the formula: € B(t) = B0 1+ rN ” # $ % & ‘ Nt if interest is compounded periodically N times a year and using the formula € B(t) = B0ert if the interest is compounded continuously (at every instant of time). The present value is defined to be the current value of some future balance with respect to some investment strategy. We may view the present value of a future balance as the principal in the equations above. To calculate it, we solve for the principal B0 in the appropriate equation above given balance B(t) in t years. The effective rate measures the percent increase of your balance after one year. If interest is compounded periodically N times a year, the effective rate is € 1+ rN ” # $ % & ‘ N -1 If interest is compounded continuously, the effective rate is € er -1 To compare investments, remember that the better investment has the higher effective rate. The time it takes for the balance to multiply m-fold is called the m-fold time. If m = 2, then it is the doubling time. The m-fold time is given by € log(m) log(1+ effective _ rate) where log is the natural logarithm function ln (aka log base e). Scenario: Las Vegas made so much money from your roulette program that they want you to help them invest their profits. Your job is to create a program that would show them information about a…