(General math) Consider the following programming problem: In 1627, Manhattan Island was sold to…
(General math) Consider the following programming problem: In 1627, Manhattan Island was sold to Dutch settlers for $24. If the proceeds of this sale had been deposited in a Dutch bank paying 5% interest, compounded annually, what would the principal balance be at the end of 2002? The following display is required: “Balance as of December 31, 2002 is: xxxxxx”; xxxxxx is the amount calculated by your program.
a. For this programming problem, how many outputs are required?
b. How many inputs does this problem have?
c. Determine a formula for converting input items into output items.
d. Test the formula written for Exercise 5c, using the data given in the problem statement.