Problem 44932. Compound Interest Rate Calculation With Yearly Deposition Into A Bank Account

The problem adds a twist to the compound interest calculation by having the bank account owner depositing a fixed amount of money annually. The interest rate is compounded annually.

This function allows the user to input four variable inputs: the principle amount in the account (principle_amount), the yearly addition/deposition (yearly_deposition), the number of years elapsed (number_years), and the yearly interest rate (interest_rate) in decimals eg. 0.05 for a 5% interest rate.

It outputs the total amount y (in the bank account) after the number of years elapsed.

Solution Stats

42.31% Correct | 57.69% Incorrect
Last Solution submitted on Nov 26, 2022

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