Task: Write a program to calculate how many years it will take for the money in your savings account to be worth $5,000.00 or more, if it pays 7.5% interest compounded annually. Use a loop structure in this program.
Formula: Total Amount = Amount + (Amount x Interest Rate)
Output: This program’s output should look exactly like:
It will take ____ years for the savings account to be worth $________.
In the above output, the first blank space is the number of years, and the last blank space is the total amount in the saving account after that number of years.
*Note I am really new to programming i don't know how to do this i got the first few bit, i need help fast.
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/* Program: $5,000.00 or more
Description: This programs calculates when it will take for money to become $5,000.00 or greater. */
// Declaration of Variables and Constants
const rate = 0.075;