Question

14.Compound Interest hank account pays compound interest, it pays interest not only on the principal amount that was deposited into the account, but also on the interest that has accumulated over time. Suppose you want to deposit some money into a savings account, and let the account earn compound interest for a certain number of years. The formula for calculating the balance of the account afer a specified namber of years is The terms in the formula are A is the amount of money in the account after the specified number of years. P is the principal amount chat was originally deposited into the account r is the annual interest rate. n is the number of times per year thar the interest in compounded t is the specified number of years. Write a program that makes the calculation for you. The program should ask the user to input the following The amount of principal originally deposited into the account · The annual interest rate paid by the account The number of times per year that the interest is compounded (For example, if interest is compounded monthly, enter 12. If interest is compounded quanerly, enter 4.) The number of years the account will be left to earn interest Once the input data has heen entered, the program should calculate and display the amount of money that will be in the account after the specified number of years ary NOTE: The user should enter the interest rate as a percentage. For example, 2 percent Next. e Previous earch DOLL

Answer 1

CODE:

package packages_example;

import java.util.Scanner;

public class compoundInterest {
    public static void main(String[] args) {
        Scanner scan = new Scanner(System.in);
        // get input from user
        System.out.print("Enter the amount of principal : ");
        double principal = scan.nextDouble();
        System.out.print("Enter the annual interest rate : ");
        double rate = scan.nextDouble();
        System.out.print("Enter number of times per year interest in compounded : ");
        int num = scan.nextInt();
        System.out.print("Enter number of years : ");
        int years = scan.nextInt();
        // calculate interest
        double amount = principal * Math.pow((1+rate/num),num*years);
        // print result
        System.out.printf("Amount of money after %d years is %.2f",years,amount);
    }
}

OUTPUT:

"C:\Program Files\Javaljdk-11.0.1\binljava.exe" "-javaagent:c Enter the amount of principal: the annual interest rate: Enter nunbes ot times et yeat interest in compounded nterest in c Enter number of years Amount of money after 3 years is 2478600.00 Process finished with exit code 0