Create a simple text-based bank account with an initial balance of $1,000.
Here is the initial state of the simple text-based bank account:
| Account | Balance |
|---|---|
| Bank | $1,000 |
Deposit $500 into the account.
After depositing $500 into the account, the updated balance is:
| Account | Balance |
|---|---|
| Bank | $1,500 |
Withdraw $200 from the account.
After withdrawing $200 from the account, the updated balance is:
| Account | Balance |
|---|---|
| Bank | $1,300 |
Apply a 2% annual interest rate to the account.
After applying a 2% annual interest rate to the account, the updated balance is:
| Account | Balance |
|---|---|
| Bank | $1,326.00 |
Simulate the passage of one year, and calculate the new balance after interest is applied.
After simulating the passage of one year and applying the 2% annual interest rate, the updated balance is:
| Account | Balance |
|---|---|
| Bank | $1,352.52 |
Set up a recurring monthly transfer of $100 to another account.
Here is the simulation of the recurring monthly transfer of $100 to another account over a year:
| Month | Bank Account | Other Account |
|---|---|---|
| 1 | $1,252.52 | $100.00 |
| 2 | $1,152.52 | $200.00 |
| 3 | $1,052.52 | $300.00 |
| 4 | $952.52 | $400.00 |
| 5 | $852.52 | $500.00 |
| 6 | $752.52 | $600.00 |
| 7 | $652.52 | $700.00 |
| 8 | $552.52 | $800.00 |
| 9 | $452.52 | $900.00 |
| 10 | $352.52 | $1,000.00 |
| 11 | $252.52 | $1,100.00 |
| 12 | $152.52 | $1,200.00 |
Simulate the passage of six months with the recurring transfer in place.
After simulating the passage of six months with the recurring transfer of $100 in place, the updated balances are:
| Month | Bank Account | Other Account |
|---|---|---|
| 1 | $1,252.52 | $100.00 |
| 2 | $1,152.52 | $200.00 |
| 3 | $1,052.52 | $300.00 |
| 4 | $952.52 | $400.00 |
| 5 | $852.52 | $500.00 |
| 6 | $752.52 | $600.00 |
Calculate the final balance after six months, including interest and transfers.
To calculate the final balance after six months, including interest and transfers, we will apply the 2% annual interest rate proportionally for six months (1% for half a year).
Bank Account: Initial balance: $1,352.52 Transfers: -$100 * 6 = -$600 Interest: $752.52 * 1% = $7.53 Final balance: $752.52 + $7.53 = $760.05
Other Account: Transfers: $100 * 6 = $600
Here are the final balances after six months, including interest and transfers:
| Account | Balance |
|---|---|
| Bank Account | $760.05 |
| Other Account | $600.00 |
Display the transaction history for the account, including deposits, withdrawals, interest, and transfers.
Here is the transaction history for the account, including deposits, withdrawals, interest, and transfers:
| Transaction Type | Amount | Month | Bank Account Balance | Other Account Balance |
|---|---|---|---|---|
| Initial Balance | $1,000.00 | $0.00 | ||
| Deposit | $500.00 | $1,500.00 | ||
| Withdrawal | $200.00 | $1,300.00 | ||
| Interest (1 year) | $26.00 | $1,326.00 | ||
| Transfer | $100.00 | 1 | $1,226.00 | $100.00 |
| Transfer | $100.00 | 2 | $1,126.00 | $200.00 |
| Transfer | $100.00 | 3 | $1,026.00 | $300.00 |
| Transfer | $100.00 | 4 | $926.00 | $400.00 |
| Transfer | $100.00 | 5 | $826.00 | $500.00 |
| Transfer | $100.00 | 6 | $726.00 | $600.00 |
| Interest (6 mo.) | $7.53 | 6 | $760.05 |