The program simply loops through the years evaluating the compound interest formula. The video shows several ways of designing a Simple Interest Calculator using Visual Basic software. Balance principle MathPow1 interestRate i Interesting tidbit.
You figure simple interest on the principal which is the amount of money borrowed or on deposit using a basic formula.
To estimate how long it will take to double your money you can use the Rule of 72 Divide the interest rate into 72 and the result tells you roughly how many years it will take to double your money. This application uses a dialog box equipped with the necessary controls used to perform the type or related calculated. The formula for calculating compound interest is A P 1 rn nt For this formula P is the principal amount r is the rate of interest per annum n denotes the number of times in a year the interest gets compounded and t denotes the number of years. Input rate in some variable say rate.