Newbie to C++ needs help plz!!
Sorry for bothering yall, I just need help if you dont mind. Im new to c++ programming and I need some help. I tried using other references like some books that i have but they didnt really help.
Title: Interest Earned
Assuming there are no deposits other than the original investment, the balance in a savings account after one year may be calculated as
Amount = Principal * ( 1 + Rate/T ) ^T
where Principal is the balance in the account, Rate is the annual interest rate, and T is the number of times the interest is compounded during a year. (e.g., T is 4 if the interest is compounded quarterly.)
Write a program that asks for the principal, the interest rate, and the number of times the interest is compounded. It should display a report similar to the following:
Interest Rate: 4.25%
Times Compounded: 12
Principal: $1000.00
Interest: $43.33
Final Balance: $1043.33
Here is what I have done but I cant finish because Im getting all these errors
Im using Dev C++ for this.
Heres what i got:
Code:
#include <cstdlib>
#include <iostream>
using namespace std;
int main()
{
double TimesCom = 0.0;
double InterestRate = 0.0;
double Principal = 0.0;
double Interest = 0.0;
double FinalBalance = 0.0;
cout << "Enter the principal balance in the account: ";
cin >> Principal;
cout << "Enter the annual interest rate percentage: ";
cin >> InterestRate;
cout << "Enter the number of times the interest is compounded (months): ";
cin >> TimesCom;
//This is where i have trouble I tried the using the formula above Amount(final balance) = Principal * ( 1 + Rate/T ) ^T
InterestRate = InterestRate / 100;
// This is where i need help I did this to see to find the final balance but it doesnt let me compile because of some problems with it
FinalBalance = Principal * (1 + (InterestRate / TimesCom))^TimesCom;
//I also tried using the pow to get the TimesCom to the power of the formula like so
FinalBalance = Principal * pow(1 + (InterestRate / TimesCom), TimesCom);
//but once i get the Final Balance I assume this is how i get the output of the interest
Interest = FinalBalance - Principal;
cout << "Interest Rate: " << InterestRate << endl;
cout << "Times Compounded: "<< TimesCom << endl;
cout << "Principal: "<< Principal << endl;
cout << "Interest: " << Interest << endl;
cout << "Final Balance: " << FinalBalance << endl;
system("PAUSE");
return EXIT_SUCCESS;
}
/*
This is what the outcome should be
Interest Rate: 4.25%
Times Compounded: 12
Principal: $1000.00
Interest: $43.33
Final Balance: $1043.33
*/
Thanks for looking and helping
