CSCI1103 Columbus State Community College Individual Retirement Account Calculation
Needs to be done in Flowgorithm and I will attach the sheet that shows the example output information.
Lab 4 – Individual Retirement Account Calculation
Assignment
An Individual Retirement Account (IRA) is a special bank / brokerage account that a person can use to save money for retirement. An individual can put up to $5,500 per year tax free and the money grows tax free until the person is ready to retire. The tax rules related to IRA’s are complex, but for this assignment, we’ll assume that the person puts in the same amount of money every year (up to $5,500) and the money grows at a constant interest rate.
Write a Flowgorithm program that asks the user to input an annual IRA contribution (in dollars), and interest rate (percent), and a time period (years). Calculate the value of the IRA every year for the duration of the time period provided by the user.
Be sure and provide user friendly prompts. Include a comment at the beginning of the program with your name, date, and a short description of the program.