Calculate compounded monthly interest

Reference no: EM13695874

Question: You need to write a for loop in C++ to calculate compounded monthly interest.

So for example if I were to have an initial balance of $1250.00 with an interest rate of %13 paid over the course of 4 months it should come out to $2038.09 total for interest added to the initial balance. So the interest by itself should be $788.09.

My loop keeps giving me 2096.66.

I am not sure what the correct formula is but I know it's something like
A=P*(1+r/12)^12*n
My loop is so close to giving me the correct answer.

Could someone please help me build this C++ loop for compounded monthly interest? Thank you

Can somebody provide the answer for given question with example?

Reference no: EM13695874

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