Project: Calculating Future Investment Value
Problem Description:
Write a...
Computers and Technology, 19.02.2020 23:08 galaalexa
Project: Calculating Future Investment Value
Problem Description:
Write a program that reads in investment amount, annual interest rate, and number of years, and displays the future investment value using the following formula (Note that we are compounding on a monthly basis instead of a yearly basis):
futureInvestmentValue = investmentAmount * (1 + monthlyInterestRate)numberOfMonths
monthlyInterestRate = annualInterestRate/12
For example, if you enter amount 1000, annual interest rate 3.25% (3.25/100), and number of years 1, the future investment value is approximately 1032.99.
Here is a sample run:
Sample:
Enter investment amount: 1000
Enter annual interest rate (in percentage points): 3.25
Enter number of years: 1
Accumulated value is: 1032.9885118105894
What to deliver?
Your .java file including:
1. A sample run at the top with investment amount of 3000, annual interest rate of 5.5%, and 3 years. These should be commented. (2 points)
2. Your code with other appropriate comments. (Code: 5 points, Comments: 3 points)
Hint:
1. CalculateProducts. java in the Classroom Example folder at eLearning provides a good example of a deliverable. It has both the sample run commented and we can run the java file without changing the file.
2. Hint: Use the Math. pow(x, y) method to compute x raised to the power of y.
3. Use the sample run in the instruction to test your program to make sure it is correct before you submit it.
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