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Development
of an Interest Calculation system for a retail bank
Consider a retail bank which collects money from customers and in
return gives them an interest at pre determined rate. Our objective is
to automate this process of interest calculation. The system developed
should calculate interest daily for each account having balance more
than zero at the correct interest rate. This interest calculated will be
cumulatively stored in a table which will be updated every day. Remember
that the balance on which interest is calculated daily will change
because the customer may deposit or withdraw money. Every
month the cumulative interest calculated will be credited to the
customer. After this point of time the cumulative interest stored should
be set to zero because the customer has benefited for the period
specified. Before
interest is credited to the customer’s account tax should be debited
from the interest according to prevalent government laws.
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