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compound interest program! follow instructions!! WRITE IN JAVA!! Homework Assignment #1 Compound Interest Formula The mathematical formula for calculating compound interest depends on several factors.
compound interest program! follow instructions!! WRITE IN JAVA!!
Homework Assignment #1 Compound Interest Formula The mathematical formula for calculating compound interest depends on several factors. These factors include the amount of money deposited called the principal, the annual interest rate (in decimal form), the number of times the money is compounded per year, and the number of years the money is left in the bank. These factors lead to the formula FV = future value of the deposit P-principal or amount of money deposited r=annual interest rate (in decimal form) n=number of times compounded per year 1 = time in years Write a program that calculates the future value (FV). The program should receive the following inputs from the user: the principal amount to deposit, the rate (in percentage) and time in years, assuming that the money is compounded quarterly. The program should clearly prompt the user of what value to enter. Input should be as follows: 1 INPUT This program calculates Compound Interest. Please provide the following information: Amount to deposit: 4000 Annual interest rate (in percentage): 6 Time in years: 5 1 OUTPUT =1 Principal amount $4,000.00 Interest rate 6% Time in years 5 Future value $5,387.42 Step by Step Solution
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