Question: Suppose you save $100 each month into a savings account with the annual interest rate 5%. So, the monthly interest rate is 0.05 / 12

Suppose you save $100 each month into a savings account with the annual interest rate 5%. So, 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 an amount (e.g., 100), the annual interest rate (e.g., 5), and the number of months (e.g., 6) and displays the amount in the savings account after the given month.

Step by Step Solution

3.37 Rating (166 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Output Enter the amount to be saved for each month 100 Enter the annual interest rate 5 Enter the nu... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Java Programming Questions!