Question
A+ Finance Company guarantees a 2% monthly compounded return on your investment. You want to see how long it takes to reach a total of
A+ Finance Company guarantees a 2% monthly compounded return on your investment. You want to see how long it takes to reach a total of $10,000,000 (10 million dollars) in investment plus return. Write a program that allows the user to enter a continuous monthly investment (Example - $500 every month) or ($1,000 every month). The Java program should call a recursive method ( a method that calls itself) that returns and displays the total months needed to reach the $10,000,000 goal. Example - At the 2% compounded monthly rate, and a $1,000 monthly investment, the first month should yield $1,020.00, the second month $2,060.40, the third month $3,121.61, the fourth month $4,204.04, etc. Display how many total months it takes the user to reach the million dollar goal. Remember, the user should be able to input the monthly continuing investment. The rate is always 2% and compounded monthly.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started