Design a program that calculates and displays the amount of money you would have if you invest $5000.00 at 2 percent simple interest for one year. call a function and pass the needed data to do the calculation and return the result
To design a program that calculates the amount of money you would have after investing $5000.00 at a 2 percent simple interest for one year, you can follow these steps:
1. Define a function, let's call it `calculate_interest`, that takes two parameters: the principal amount (initial investment) and the interest rate. In this case, the principal amount is $5000.00, and the interest rate is 2 percent (0.02 in decimal form).
2. Inside the function, calculate the interest amount by multiplying the principal amount by the interest rate.
3. Calculate the total amount of money after one year by adding the interest amount to the principal.
4. Finally, return the total amount.
Here's an example in Python:
```python
def calculate_interest(principal, interest_rate):
interest = principal * interest_rate
total_amount = principal + interest
return total_amount
# Call the function and pass the necessary data (principal amount and interest rate)
investment_amount = 5000.00
interest_rate = 0.02
result = calculate_interest(investment_amount, interest_rate)
print(f"The total amount after one year will be ${result:.2f}")
```
When you run this program, it will display the total amount after one year based on the provided principal amount and interest rate. In this case, the output will be:
```
The total amount after one year will be $5100.00
```
This indicates that you would have $5100.00 after investing $5000.00 at a 2% simple interest for one year.