You need to define a function calculateInterestGrowth() that calculates the value of an investment, given the principal, interest rate, compound rate, and time as parameters. - To make the calculator more error proof, you need to provide default values for the interest rate (0.05), compound rate (12), and time period (10 years). - To calculate an exponent in JavaScript, you can use two asterisks ** between the base number and the exponent. For example, 2 ** 3 is 2 to the

Question

UpStudy AI · Accepted Answer

```javascript
function calculateInterestGrowth(principal, interestRate = 0.05, compoundRate = 12, years = 10) {
  // Calculate the final amount using the compound interest formula:
  // Amount = principal * (1 + interestRate/compoundRate)^(compoundRate * years)
  let amount = principal * (1 + interestRate / compoundRate) ** (compoundRate * years);
  return amount;
}
```

We start with the compound interest formula:
$$
\text{Amount} = \text{principal} \times \left(1 + \frac{\text{interestRate}}{\text{compoundRate}}\right)^{\text{compoundRate} \times \text{years}}
$$
The default values provided are:
- $$\text{interestRate} = 0.05$$
- $$\text{compoundRate} = 12$$
- $$\text{years} = 10$$

The function returns the final amount after the specified time. The exponent operation is done using the $$\texttt{**}$$ operator in JavaScript.
```javascript function calculateInterestGrowth(principal, interestRate = 0.05, compoundRate = 12, years = 10) { let amount = principal * (1 + interestRate / compoundRate) ** (compoundRate * years); return amount; } ``` This function calculates the future value of an investment using the compound interest formula with default values for interest rate, compound rate, and time period.

Upstudy AI Solution

Answer

Solution

The Deep Dive

Related Questions

Latest Computer Technology Questions