Question

programming loop sample (Python)

Problem 4.) Each month, Pytho puts $$100 into her bank account at the beginning of each month. Initially, she has $$100 in the account, marking her first deposit. At the end of each month, she earns 2% interest on her current balance, before the next deposit. Then, she makes her $$100 deposit. She would like a function that gives her balance after ?n months. Complete the function below so that the function returns the final balance. Keep in mind that ?=0t=0 corresponds to the initial month, when only one $$100 deposit has been made. Thus, she will have earned interest only on her initial $$100 deposit and she will have made one more deposit of $$100 at ?=1t=1 - that is, her balance should be $$202.

final_balance(360)

OUTPUT: 6357561.75

Answer 1

#if there is any error, please tell in comments, and provide the function outline provided to you

def final_balance(n):
    rate = .02
    balance = 0
    for i in range(0,n):
        balance+=100
        balance+=balance*rate
    return balance