Question
Write a program called CalculateFutureValue that calculates the future value of an investment based on compounding interest. Your program must declare three double variables named
Write a program called CalculateFutureValue that calculates the future value of an investment based on compounding interest. Your program must declare three double variables named presentValue, interestRate, and futureValue. Also, declare an integer variable named years and one Scanner variable named input. Declare the variables in the order listed. Declare presentValue, interestRate, and futureValue on the same line and initialize each to 0.0. Declare and initialize years to 0. The program will prompt the user for the present value, interest rate, and years and read the input from the keyboard storing each value in its respective variable (presentValue, interestRate, and years). Use the formula below to calculate the future value and store the result in the variable futureValue. Use the correct format specifier to print the future value. Use two % signs to get a % to print.
futureValue = presentValue x (1 + interestRate)years
Important Note: To raise a number to a power, use the Math.pow() command. (Notice the M in Math is capitalized.) The format in Java is:
Math.pow(, ) Example: Math.pow(10, 2); <-- This returns the value 100.
The required output is provided. The "%s" is not used.
Example output below:
Enter the present value: 1000
Enter the interest rate (6.0% = 0.06): .12
Enter the number of years: 6
The future value after 6 years is $1,973.82.
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