2.15** (Financial
application: compound value) Suppose you save $100 each month into
a savings account with the annual interest rate 5%. So, the monthly interest rate
is 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 to display the account value after the sixth month. (In Exercise 4.30, you will use a loop to simplify the
code and display the account value for any month.)
Code :
File name-CompountValue.java
import java.util.*;
import javax.swing.*;
public class CompountValue {
public static void main (String arg[]){
double i, accountBecome, account=0;
Scanner input =new Scanner(System.in);
System.out.print("Enter amount: =
");
double amount =input.nextDouble();
System.out.print("Enter annual
interest: = ");
double annualInterest
=input.nextDouble();
System.out.print("Enter month: =
");
double month =input.nextDouble();
double monthlyInterest =
annualInterest/1200;;
for (i=1; i<=month; i++)
{
accountBecome =
((100+account)*(1+monthlyInterest));;
account = accountBecome;
}
System.out.print("Account Become:
= " +account);
}
}
