Suppose you save $100 each month into a savings account with the annual interest rate 5%. Thus,
Question:
Suppose you save $100 each month into a savings account with the annual interest rate 5%. Thus, the monthly interest rate is 0.05/12 = 0.00417. After the first month, the value in the account becomes
100 * (1 + 0.00417) = 100.417
After the second month, the value in the account becomes
(100 + 100.417) * (1 + 0.00417) = 201.252
After the third month, the value in the account becomes
(100 + 201.252) * (1 + 0.00417) = 302.507
and so on.
Write a program that prompts the user to enter a monthly saving amount and displays the account value after the sixth month. (In Exercise 5.30, you will use a loop to simplify the code and display the account value for any month.)
Enter the monthly saving amount: 100
After the sixth month, the account value is $608.81
Step by Step Answer:
Introduction to Java Programming, Comprehensive Version
ISBN: 978-0133761313
10th Edition
Authors: Y. Daniel Liang