Suppose you save $100 each month into a savings account with the annual interest rate 5%. So,
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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.
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Related Book For
Introduction to Java Programming, Comprehensive Version
ISBN: 978-0133761313
10th Edition
Authors: Y. Daniel Liang
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