Question

JAVA PLEASE!

Suppose you save $100 each month into a savings account with the annual interest rate 5%. So, the monthly interest rate is 0.05/12 = 0.00417. After the first month, the value in the account becomes 100 * (1 + 0.00417) = 100.417 After the second month, the value in the account becomes (100 + 100.417) * (1 + 0.00417) = 201.252 After the third month, the value in the account becomes (100 + 201.252) * (1 + 0.00417) = 302.507 and so on. Write a program that prompts the user to enter an amount (e.g., 100), the annual interest rate (e.g., 5), and the number of months (e.g., 6) and displays the amount in the savings account after the given month. SAMPLE RUN: Input the amount: 100 Input the annual interest rate (e.g., 5 for 5%): 5 Input the number of months: 6 OUTPUT: The balance after 6 months is 608.81

Answer 1

import java.util.Scanner;

public class CalculateIntereset {

    public static void main(String[] args) {
        Scanner in = new Scanner(System.in);
        System.out.print("Input the amount: ");
        double amount = in.nextDouble();
        System.out.print("Input the annual interest rate (e.g., 5 for 5%): ");
        double rate = in.nextDouble() / 1200;
        System.out.print("Input the number of months: ");
        int n = in.nextInt();
        double total = 0;
        for(int i = 0; i < n; ++i) {
            total = (amount + total) * (1 + rate);
        }
        System.out.printf("The balance after %d months is %.2f\n", n, total);
    }

}

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