# (Financial application: compound value) Suppose you save \$100 each month in a savings account…

(Financial application: compound value) Suppose you save \$100 each month in a savings account with the annual interest rate 3.75%. Thus, the monthly interest rate is 0.0375/12 = 0.003125. After the first month, the value in the account becomes

100 * (1 + 0.003125) = 100.3125

After the second month, the value in the account becomes

(100 + 100.3125) * (1 + 0.003125) = 200.938

After the third month, the value in the account becomes

(100 + 200.938) * (1 + 0.003125) = 301.878

and so on.

Write a program that prompts the user to enter a monthly saving amount and display the account value after the sixth month. (In Exercise 5.30, you will use a loop to simplify the code and display the account value for any month.)

Exercise 5.30

(Financial application: compound value) Suppose you save \$100 each month in a savings account with an annual interest rate of 3.75%. The monthly interest rate is 0.0375 / 12 = 0.003125. After the first month, the value in the account becomes

100 * (1 + 0.003125) = 100.3125

After the second month, the value in the account becomes

100 + 100.3125) * (1 + 0.003125) = 200.938

After the third month, the value in the account becomes

(100 + 200.938) * (1 + 0.003125) = 301.878

and so on.

Write a program that prompts the user to enter an amount (e.g., 100), the annual interest rate (e.g., 3.75), and the number of months (e.g., 6) and displays the amount in the savings account after the given month.

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