Write a program that calculates and displays the amount ofmoney available in a bank account that initially has $8000 deposited in it and that earns interest atthe rate of 2.5 percent a year. Your program should display the amount available at the end of eachyear for a period of 10 years. Use the relationship that the money available at the end of each yearequals the amount of money in the account at the start of the year plus 0.025 times the amountavailable at the start of the year [20 points].

Written in Python

import math

principal = 8000

rate = 0.025

for i in range(1, 11):

    amount = principal + principal * rate

    principal = amount

    print("Year "+str(i)+": "+str(round(amount,2)))

Explanation:

This line imports math library

import math

This line initializes principal amount to 8000

principal = 8000

This line initializes rate to 0.025

rate = 0.025

The following is an iteration from year 1 to 10

for i in range(1, 11):

    This calculates the amount at the end of the year

    amount = principal + principal * rate

    This calculates the amount at the beginning of the next year

    principal = amount

    This prints the calculated amount

    print("Year "+str(i)+": "+str(round(amount,2)))

answer; availability;

answer ingenuity;