///////////////////JAVA PROGRMMING////////////////////////

Complete the main method that produces the given output for this compounding interest problem. This interest should be compounded for 40 years.

Use the following equation to : principal = ((principal + (12 * amountMonth))* (1+rate)).

public class MyInterest {

public static void main(String[] args) {

double amountMonth = 500.0; // amount deposit each month

double principal = 2000.0; // initial amount before interest

double rate = 0.06; // interest rate

ENTER YOUR JAVA CODE HERE

}

}

Given Output:

Year Principal on deposit

1 8,480.00

2 15,348.80

3 22,629.73

4 30,347.51

5 38,528.36

6 47,200.06

7 56,392.07

8 66,135.59

9 76,463.73

10 87,411.55

11 99,016.24

12 111,317.22

13 124,356.25

14 138,177.63

15 152,828.28

16 168,357.98

17 184,819.46

18 202,268.63

19 220,764.75

20 240,370.63

21 261,152.87

22 283,182.04

23 306,532.96

24 331,284.94

25 357,522.04

26 385,333.36

27 414,813.36

28 446,062.16

29 479,185.89

30 514,297.05

31 551,514.87

32 590,965.76

33 632,783.71

34 677,110.73

35 724,097.37

36 773,903.22

37 826,697.41

38 882,659.25

39 941,978.81

40 1,004,857.54