I’m stuck with the task “Interest is Interesting”. One of functions to implement is “calculate the annual balance update”. What is this “annual balance update”? Is it some common financial term? What is the formula?
The description of the task is unclear.
What language/track is this for?
Presumably one of C#, Clojure, F#, Go. The instructions on all of these tracks are essentially the same.
The second sentence in the instructions explains what an annual balance update is:
“Each year, the balance of your savings account is updated based on its interest rate”
So the only financial term you should know is the “interest rate”.
Each year, the balance of your savings account is updated based on its interest rate.
Given a specific balance (function input) and interest rate (based on step one), compute the new balance after you’ve added the interest earned.