need help with compound interest
Folks,
I've got this code below that creates an interest table with the interest compounded annually. I want to convert it to compound the interest on a monthly basis instead. Can anyone help and give advice as to what I need to focus on changing? Thanks!
Code:
/*Prints a table of compound interest */
#include <stdio.h>
#define NUM_RATES (sizeof(value) / sizeof(value[0]))
#define INITIAL_BALANCE 100.00
main()
{
int i, low_rate, num_years, year;
float value [5];
printf("Enter interest rate: ");
scanf("%d", &low_rate);
printf("Enter number of years: ");
scanf("%d", &num_years);
printf("\nYears");
for (i=0; i<NUM_RATES; i++) {
printf("%6d%%", low_rate+i);
value[i] = INITIAL_BALANCE;
}
printf("\n");
for (year = 1; year <= num_years; year++) {
printf("%3d ", year);
for (i=0; i<NUM_RATES; i++) {
value[i] += (low_rate+i) / 100.00 * value[i];
printf("%7.2f", value[i]);
}
printf("\n");
}
return 0;
}
