The problem
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:
futureInvestmentValue =
investmentAmount x (1 + monthlyInterestRate) numberOfYears * 12
For example, if you enter amount 1000, annual interest rate 3.25%, and number of years 1, the future investment value is 1032.98. The java snippet below shows the output of the program:
Enter investment amount: 1000
Enter annual interest rate in percentage: 4.25
Enter number of years: 1
Accumulated value is $1043.34
Breaking it down
public static void main(String[] Strings) {
Scanner input = new Scanner(System.in);
System.out.print("Enter investment amount: ");
double investmentAmount = input.nextDouble();
System.out.print("Enter annual interest rate in percentage: ");
double annualInterestRate = input.nextDouble() / 100;
System.out.print("Enter number of years: ");
double years = input.nextDouble();
input.close();
double futureInvestmentValue = calculateFutureInvestment(
investmentAmount, annualInterestRate, years);
System.out.print("Accumulated value is $" + futureInvestmentValue);
}
private static double calculateFutureInvestment(double investmentAmount,
double annualInterestRate, double years) {
double futureInvestmentValue = investmentAmount
* Math.pow((1 + (annualInterestRate / 12)), (years * 12));
return futureInvestmentValue;
}
Output
Enter investment amount: 100
Enter annual interest rate in percentage: 4.25
Enter number of years: 1
Accumulated value is < class="33377163096169"></>