When $1000 is deposit at 5% simple interest, the amount grows by $50 each year. When money is invested at 5% compound interest, then the amount at the end of each year is 1.05 times the amount at the beginning of the year. Write a program to display the amounts for 10 years for a $1000 deposit at 5% simple and compound interest. The first few lines displayed in the list box should appear as such:

Question

year Amount Amount
Simple Compound
Interest Interest
1 $1,050.00 $1,050.00
2 $1,100.00 $1,100.00
3 $1,150.00 $1,570.63

Answer 1

Does the question require you to write a program? What language/tool do you use? Can you tell us where we can be of help?

Answer 2

I need to write the code in Visual basic 8

Answer 3

So drag 2 textboxes for the principal and interest rate. Drag a listbox for the output.
Finally, drag a button that displays the word "calculate".

Double click on the button to get to the onClick method.

Inside the onClick method, import the values entered in the two textboxes (principal and interest rate) and start the calculate the accumulated amount with a for-loop, and voila!

Give it a try and if you have problems, post where you need help!