To implement a program that calculates compound interest.
Compound interest is the interest on savings calculated on both the initial principal and the accumulated interest from previous periods.
- Understanding of the concept of compound interest: Developing a program to calculate compound interest requires an understanding of the concept of compound interest, including how it is calculated and how it differs from simple interest.
- Mastery of mathematical formulas and calculations: To calculate compound interest accurately, the program must use the appropriate formula and correctly apply mathematical calculations such as exponents, multiplication, and division.
- Problem-solving skills: Developing a program to calculate compound interest requires problem-solving skills to identify the inputs needed, the steps involved in the calculation, and the output to be generated.
- Familiarity with programming concepts and techniques: Creating a program to calculate compound interest requires familiarity with programming concepts such as input/output, variables, control structures, and functions.