The concept of Simple Interest is one of the first things anyone learns in Financial Mathematics.
It isn’t really hard to program.
The formula I am using is given below:
The code to program this is shown below:
# Print out the purpose of the program print("This program computes the compound amount using simple interest") print("Reference: An Undergraduate Introduction to Financial Mathematics (Page 2)\n") # Ask the user for the initial deposit principal = float(input("Please enter the initial deposit: ")) # Ask the user for the rate as a percentage rate = float(input("Please enter the rate: ")) # Ask the user for the number of years years = float(input("Please enter the number of years: ")) # Compute the compounded amount rate = rate / 100 compounded_amount = principal * ((1 + rate)**years) print("\nThe compounded amount is:", round(compounded_amount, 2))
You can also find the code on GitHub.