Purpose: Suppose you are working at a financial company. The company has an investment

product that allows investors to save the same amount of money each month for up to $6$ months

with an annual interest rate of $5\%.$ The interest is paid at the end of each month. The financial

company wants to develop an app to let potential users enter the amount they want to save

each month and display the account balance after $1,2,3,$ and $6$ months.

This program will emphasize the following concepts:

Declaring and using variables

Declaring and using constants

Reading user input

Performing numeric operations

String concatenation to format output

Lesson: To prepare for performing the calculations, consider a simpler case: what if we only

allow investors to save for two months? Can you write a program to display the account balance

after each month?

Suppose an investor saves $$100$ each month into the account for two months. Since the annual

interest rate is $5\%,$ the monthly interest rate is $\frac{0\mathrm{.}05}{12}=0\mathrm{.}00417.$

After the $1^{st}$ month, the value of the account becomes:

$100*(1+0\mathrm{.}00417)=100\mathrm{.}417$

After the $2^{nd}$ month, the value of the account becomes:

$(100+100\mathrm{.}417{)}^{**}(1+0\mathrm{.}00417)=201\mathrm{.}252$

Your algorithm will include three major steps:

Get input from users $($how much they want to invest each month for two months$)$

Calculate the balance after the $1^{st}$ month and display the result

Calculate the balance after the $2^{nd}$ month and display the result

Task:

Create a new Java project titled Lab$2\_$FirstName$\_$LastName.

You must include comments describing key parts of this program.

Declare a Scanner called input that accepts input from the keyboard.

Remember to include the proper import statement to use the Scanner class.

Declare a constant of type double called MONTHLY$\_$INTEREST$\_$RATE. Initialize this

final variable to the correct value.

Declare a variable of type double called monthlyDeposit. Initialize this variable to $0\mathrm{.}0$

$($the user will provide a value later$).$

Declare another variable of type double called currentValue. Initialize this variable to

be monthlyDeposit. This is the variable to hold the account balance after each month.

Prompt the user to input how much they want to save$/$deposit each month. Use the

appropriate method of the Scanner class to assign the user's input to the

monthlyDeposit variable.

Perform the calculation for the account balance after each month and assign the value to

currentValue.

Display the account balance after $1,2,3,$ and $6$ months as "After the XX month, the

account value is YY$."$ Note that $xx$ will be either First, Second, Third, or Sixth, and YY

will be the corresponding balance.