The eighth wonder of the world. He who understands it, earns it; he who doesn't, pays...

 

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"The eighth wonder of the world. He who understands it, earns it; he who doesn't, pays for it. Albert Einstein And here's the definition from Wikipedia: Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest. Compound interest is a general kind of effect that applies to more aspects than finance. We ain't just talking about money here. In simple term, compound interest is about a repeated small step produces acceleratingly large result over time. But be aware that this can manifest as angel or evil, meaning it can be really good or really bad for you. There are numerous ways to benefit or suffer from the effect of compound interest, and a larger issue is that many people learn this too late :( So, let's learn this to stay on the positive side of it, and now. The Task In this task, Implement the calculate function in the Million DollarMaker class. • For the sake of saneness, the function expects interest rate to be between - 100% and 100%. • Add at least 1 new unit test case in the waysToReachOneMillion test to show how you would managed to get to a million dollar. Only add test cases in the CODE: public class Million DollarMaker { static final int MONTHS_PER_YEAR = 12; } following location. Note that this test passes if your result is above 1 million. // Do not change signature (function name, parameters) public static CompoundingResult calculate(float initDeposit, float monthlyContribution, int lengthIn Year, float ratelnPercentage) { CompoundingResult result = new CompoundingResult(); } /* TODO: add your solution */ return result; Test: public void waysToReachOne Million() { List<TestCase> testCases = new ArrayList<TestCase>() { { add(new TestCase(7000, 4000, 10, 15, 487000, 1002897.38f)); add(new TestCase(500, 500, 25, 15, 150500, 1293217.58f)); add(new TestCase(500, 100, 35, 15, 42500, 1123991.95f)); // average stock market return (see shorturl.at/aHJT6) add(new TestCase(1000, 300, 35, 10, 127000, 1003790.16f)); interest }; } TODO: add your ways of making a million dollar using compounding */ Question: Describing how you would apply the effect of compound interest to your life in a good way "The eighth wonder of the world. He who understands it, earns it; he who doesn't, pays for it. Albert Einstein And here's the definition from Wikipedia: Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest. Compound interest is a general kind of effect that applies to more aspects than finance. We ain't just talking about money here. In simple term, compound interest is about a repeated small step produces acceleratingly large result over time. But be aware that this can manifest as angel or evil, meaning it can be really good or really bad for you. There are numerous ways to benefit or suffer from the effect of compound interest, and a larger issue is that many people learn this too late :( So, let's learn this to stay on the positive side of it, and now. The Task In this task, Implement the calculate function in the Million DollarMaker class. • For the sake of saneness, the function expects interest rate to be between - 100% and 100%. • Add at least 1 new unit test case in the waysToReachOneMillion test to show how you would managed to get to a million dollar. Only add test cases in the CODE: public class Million DollarMaker { static final int MONTHS_PER_YEAR = 12; } following location. Note that this test passes if your result is above 1 million. // Do not change signature (function name, parameters) public static CompoundingResult calculate(float initDeposit, float monthlyContribution, int lengthIn Year, float ratelnPercentage) { CompoundingResult result = new CompoundingResult(); } /* TODO: add your solution */ return result; Test: public void waysToReachOne Million() { List<TestCase> testCases = new ArrayList<TestCase>() { { add(new TestCase(7000, 4000, 10, 15, 487000, 1002897.38f)); add(new TestCase(500, 500, 25, 15, 150500, 1293217.58f)); add(new TestCase(500, 100, 35, 15, 42500, 1123991.95f)); // average stock market return (see shorturl.at/aHJT6) add(new TestCase(1000, 300, 35, 10, 127000, 1003790.16f)); interest }; } TODO: add your ways of making a million dollar using compounding */ Question: Describing how you would apply the effect of compound interest to your life in a good way

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To implement the calculate function in the MillionDollarMaker class you can use the compound interes... View the full answer