The problem
Suppose you put $10,000 into a CD with an annual percentage yield of 5.75%. After one month, the CD is worth 10000 + 10000 * 5.75 / 1200 = 10047.91. After two months, the CD is worth 10047.91 + 10047.91 * 5.75 / 1200 = 10096.06 After three months, the CD is worth 10096.06 + 10096.06 * 5.75 / 1200 = 10144.43 and so on. Write a program that prompts the user to enter an amount (e.g., 10000), the annual percentage yield (e.g., 5.75), and the number of months (e.g., 18) and displays a table
Breaking it down
public static void main(String[] strings) {
Scanner input = new Scanner(System.in);
System.out.print("Enter the initial deposit amount: ");
double deposit = input.nextDouble();
System.out.print("Enter annual percentage yield: ");
double annualInterestYield = input.nextDouble();
System.out.print("Enter maturity period (number of months): ");
double maturityPeriod = input.nextInt();
input.close();
double monthlyInterestRate = monthlyInterestRate(annualInterestYield);
System.out.print("Months\t\t\tCD Value\n");
for (int i = 1; i <= maturityPeriod; i++)
{
deposit *= (1.0D + monthlyInterestRate);
System.out.printf("%5d%20.2f\n", i, deposit);
}
}
private static double monthlyInterestRate(double annualInterestYield) {
double monthlyInterestRate = annualInterestYield / 1200.0;
return monthlyInterestRate;
}Output
Enter the initial deposit amount: 10000
Enter annual percentage yield: 5.75
Enter maturity period (number of months): 18
Months CD Value
1 10047.92
2 10096.06
3 10144.44
4 10193.05
5 10241.89
6 10290.97
7 10340.28
8 10389.82
9 10439.61
10 10489.63
11 10539.89
12 10590.40
13 10641.14
14 10692.13
15 10743.37
16 10794.84
17 10846.57
18 10898.54