Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In java please using loops and no arrays. Thank you (7 pts) Problem 1 In class, we discussed an example of how money in an

image text in transcribed

image text in transcribed

In java please using loops and no arrays. Thank you

(7 pts) Problem 1 In class, we discussed an example of how money in an account can grow with compound interest and ex- tra contributions at the end of each year. Let's approach this scenario from a different angle. Suppose you have a set retirement date in mind, and you want to determine how much you need to in order to have a certain balance by that date. Within your Lab5HW folder, write a program named GetRichSlowly.java that takes user inputs for current age, starting balance, desired retirement age, desired balance at retirement, and projected annual growth rate in percent. The program should then show the minimum yearly contribution that needs to be made in order to meet that goal, along with a table showing the money's projected growth (similar to our program from class). Just like the in-class program, assume the yearly contribution does not change from year to year, and the money is compounded annually. Hint: One way to solve this is to start the extra yearly contribution at S0.00 and repeatedly run through your account's projected growth, increasing the extra amount by $0.01 each time. Keep doing this until you find an extra amount that produces at least the desired balance at retirement. Here's an example of what your completed program might look like when you run it. Underlined parts indicate what you type in as the program is running. Current age: Starting balance: Desired retirement age: Desired balance at retirement age: Projected annual growth (percent): 25 45 1000000 8 5 o reach that goal, you'11 need to contribute $25004.55 per year until you retire Projected grovth: Start Interest Extra 0.00 25004.55 25004.55 26 25004.55 1500.27 25004.55 51509.37 3090.56 25004.55 79604.49 4.49 4776.27 25004.55 109385.30 29 109385.30 6563.12 25004.55 140952.97 30 140952.97 8457.18 25004.55 174414.70 31 174414.70 10464.88 25004.55 209884.13 32 209884.13 12593.05 25004.55 247481.73 33 247481.73 14848.90 25004.55 287335.19 34 287335.19 17240.11 25004.55 329579.85 35 329579.85 19774.79 25004.55 374359.19 36 374359.19 22461.55 25004.55 421825.29 37 421825.29 25309.52 25004.55 472139.36 38 472139.36 28328.36 25004.55 525472.27 39 525472.27 31528.34 25004.55 582005.15 40 582005.15 34920.31 25004.55 641930.01 41 641930.01 38515.80 25004.55 705450.36 42 705450.36 42327.02 25004.55 772781.93 43 772781.93 46366.92 25004.55 844153.40 44 844153.40 50649.20 25004.55 919807.15 45 919807.15 55188.43 25004.55 1000000.13 27 51509.37 28 7960

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Make A Database In Historical Studies

Authors: Tiago Luis Gil

1st Edition

3030782409, 978-3030782405

More Books

Students also viewed these Databases questions

Question

6. Have you used solid reasoning in your argument?

Answered: 1 week ago