Compound Interest

Create a Compound Interest program that calculates the total amount accumulated after a certain period based on the following attributes:

a. principalAmount: The principal value deposited

b. annualInterestRate: Interest rate per year(expressed as a decimal).

c.  numberOfYears: Period for which interest has to be given. 

Requirements:

1. Calculate the total amount accumulated using the compound interest formula.
2. Do not use toFixed or round off the answer.
3. Use a while loop to calculate the total amount over the specified number of years.
4. Store the final amount in the answer variable. 

Expected Input

principalAmount : 500$
annualInterestRate : 0.08 (8% expressed as a decimal)
numberOfYears : 5

Expected Output

734.66

Expected Flow of Calculation:

For principalAmount = 500, annualInterestRate = 0.08, and numberOfYears = 5:

• Year 1: 500 × 0.08 = 40, new amount = 500 + 40 = 540
• Year 2: 540 × 0.08 = 43.2, new amount = 540 + 43.2 = 583.2
• Continue similarly until Year 5.

Test Cases

 a- You must calculate the total amount accumulated based on the given attributes.
 b- Store the final amount in the "answer" variable.