Create a function called savings balance that determines the balance in a savings account at the…
Create a function called savings balance that determines the balance in a savings account at the end of every year for the first n years, where n is an input. The account has an initial investment A (to be provided as input; for example, enter $10,000 as 10000) and an annually compounded interest rate of r% (to be provided as input; for example, enter 3.5% as 3.5).
Store the information in an Array which the first column is Year and the second is Balance ($). (Test case: n=10, A= 10000, r = 3.5. After 10 years the balance is $14,105.99.)
With an initial investment of A and interest rater, the balance B after n years is given by
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