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PYTHON CODE ONLY!
Given the following assumptions:
1. Call the cost of your dream home total_cost.
2. Call the portion of the cost needed for a down payment portion_down_payment. For simplicity, assume that portion_down_payment = 0.25 (25%).
3. Call the amount that you have saved thus far current_savings. You start with a current savings of $0.
4. Assume that you invest your current savings wisely, with an annual return of r (in other words, at the end of each month, you receive an additional current_savings*r/12 funds to put into your savings – the 12 is because r is an annual rate). Assume that your investments earn a return of r = 0.04 (4%).
5. Assume your annual salary is annual_salary.
6. Assume you are going to dedicate a certain amount of your salary each month to saving for the down payment. Call that portion_saved. This variable should be in decimal form (i.e. 0.1 for 10%).
7. At the end of each month, your savings will be increased by the return on your investment, plus a percentage of your monthly salary (annual salary / 12).
Write a program to calculate how many months it will take you to save up enough money for a down payment. You will want your main variables to be floats, so you should cast user inputs to floats. Your program should ask the user to enter the following variables:
1. The starting annual salary (annual_salary)
2. The portion of salary to be saved (portion_saved)
3. The cost of your dream home (total_cost)
Expert Answer
annual_salary= float(input(“Enter your annual salary: “))
portion_saved= float(input(“Enter the percent of your salary to save, as a decimal: “))
total_cost= float(input(“Enter the cost of your dream home: “))
increment = float(input(“Enter the semiannual raise, as a decimal: “))
r = 0.04
ms = annual_salary/12
current_saving = 0
months = 0
portion_down_payment = 0.25
down_payment= total_cost*portion_down_payment
counter = 0
while current_saving < down_payment:
if counter is 6:
counter = 0
ms += ms*increment
current_saving = current_saving + (portion_saved*ms) + (current_saving*r/12)
months += 1
counter += 1
print(“Number of Months required for down payment:”, months)
ps2.py
annual_salary= float(input(“Enter your annual salary: “))
portion_saved= float(input(“Enter the percent of your salary to save, as a decimal: “))
total_cost= float(input(“Enter the cost of your dream home: “))
r = 0.04
ms = annual_salary/12
current_saving = 0
months = 0
portion_down_payment = 0.25
down_payment= total_cost*portion_down_payment
while current_saving < down_payment:
current_saving = current_saving + (portion_saved*ms) + (current_saving*r/12)
months += 1
print(“Number of Months required for down payment:”, months)
