The Human Resources Department of Apex Manufacturing Company wants a report that shows its employees the benefits of saving for retirement. Produce a report that shows 12 predicted retirement account values for each employee—the values if the employee saves 5, 10, or 15 percent of his or her annual salary for 10, 20, 30, or 40 years. Design an application that inputs employees’ names and salaries and outputs the name followed by the 12 predicted account values for each employee. Assume that savings grow at a rate of 8 percent per year.
To create a report that shows the 12 predicted retirement account values for each employee, you will need to use a programming language to design an application that inputs employees' names, salaries, and calculates the account values based on different savings percentages and durations.
Here is an example of how you can achieve this using Python as the programming language:
1. Start by importing the necessary libraries:
```python
import math
```
2. Define a function to calculate the retirement account value based on the savings percentage, duration, and salary:
```python
def get_retirement_account_value(savings_percentage, duration, salary):
annual_savings = (savings_percentage / 100) * salary
account_value = annual_savings * ((1 + 0.08) ** duration)
return round(account_value, 2) # Rounding to 2 decimal places
```
3. Initialize an empty list to store the employees' data:
```python
employees = []
```
4. Prompt the user to input the employees' data, such as name and salary, and add it to the list:
```python
num_employees = int(input("Enter the number of employees: "))
for i in range(num_employees):
name = input("Enter employee name: ")
salary = float(input("Enter employee salary: "))
employees.append((name, salary))
```
5. Iterate through the list of employees and calculate the retirement account values for each combination of savings percentage, duration, and salary:
```python
savings_percentages = [5, 10, 15]
durations = [10, 20, 30, 40]
# Print column headers
print("Employee Name\t" + "\t".join(str(duration) + " years" for duration in durations))
for employee in employees:
name, salary = employee
print(name, end="\t")
for duration in durations:
values = []
for savings_percentage in savings_percentages:
account_value = get_retirement_account_value(savings_percentage, duration, salary)
values.append(account_value)
print("\t".join(str(value) for value in values), end="\t")
print() # Move to the next line for the next employee
```
This program prompts the user for the number of employees, their names, and salaries, and then calculates the retirement account values based on the specified savings percentages and durations. It prints a table-like report with the employee name followed by the predicted account values.
Note: This is just an example implementation, and you may need to modify it further based on your specific requirements or the programming language you prefer to use.
To create a report that shows 12 predicted retirement account values for each employee, we can design an application that takes input for employee names and salaries and calculates the retirement account values based on different savings percentages and years of savings. Here's a step-by-step guide on how to create such an application:
1. Start by creating a user interface for the application that allows input for employee names and salaries. This can be a simple form or command-line prompts.
2. Set up variables or data structures to store the employee data. You can create a list or array to hold the employee names and another one to hold their corresponding salaries.
3. Create a loop to iterate through the employee data. Within this loop, prompt for the savings percentage (5%, 10%, or 15%) and the number of years of savings (10, 20, 30, or 40 years).
4. For each combination of savings percentage and years of savings, calculate the predicted retirement account value for the employee. Assuming a growth rate of 8 percent per year, you can use the following formula:
retirement_value = salary * (1 + savings_percentage / 100)^years_of_savings
Store the calculated retirement values in a separate data structure, such as a nested list or a dictionary, where the keys are employee names and the values are lists of retirement account values.
5. After iterating through all the employees and calculating the retirement values, output the report. Loop through the data structure containing the retirement values and print the employee name followed by the 12 predicted account values (for each savings percentage and years of savings combination).
6. Format the output in a readable and organized manner, such as using columns or tables, to make it easier for employees to understand.
Here's a pseudocode example to illustrate the steps mentioned above:
```
# Step 1: User interface
Get employee_data
# Step 2: Store employee data
Define employee_names = employee_data.names
Define employee_salaries = employee_data.salaries
# Step 3: Iterate through employee data
For i = 0 to length of employee_names
employee = employee_names[i]
salary = employee_salaries[i]
# Step 4: Calculate retirement account values
retirement_values = []
For savings_percentage in [5, 10, 15]
For years_of_savings in [10, 20, 30, 40]
retirement_value = salary * (1 + savings_percentage / 100)^years_of_savings
retirement_values.append(retirement_value)
# Step 5: Output report
Print employee name
For retirement_value in retirement_values
Print retirement_value
# Step 6: Format output
End Loop
```
By following these steps, you can create an application that inputs employee names and salaries and outputs the name followed by the 12 predicted account values for each employee.