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(Financial application: compute the future investment value) Write a method that computes future investment value at a given interest rate for a specified number of years. The future investment is
(Financial application: compute the future investment value) Write a method that computes future investment value at a given interest rate for a specified number of years. The future investment is determined using the formula in Programming Exercise 2.21. Use the following method header: public static double futureInvestmentValue(double investmentAmount, double monthlyInterestRate, int years) For example, futureInvestmentValue(10000, 0.05/12, 5) returns 12833.59. Write a program that prompts the user to enter the investment amount (e.g., 1000) and the interest rate (e.g., 9%) and prints a table that displays future value for the years from 1 to 30, as shown below. First, truncate the future value values to two decimals (See Chapter 2). Then use the System.out.printf() method to format the output (See Chapter 4).
Program name:
Lab06.java
Sample Runs:
The amount invested: 1000
Annual interest rate: 5
Years Future Value
1 1051.16
2 1104.94
3 1161.47
4 1220.89
5 1283.35
6 1349.01
7 1418.03
8 1490.58
9 1566.84
10 1647.00
11 1731.27
12 1819.84
13 1912.95
14 2010.82
15 2113.70
16 2221.84
17 2335.51
18 2455.00
19 2580.61
20 2712.64
21 2851.42
22 2997.30
23 3150.65
24 3311.84
25 3481.29
26 3659.39
27 3846.62
28 4043.42
29 4250.29
30 4467.74
- ANSWER
import java.lang.Math;
import java.util.Scanner;
public class Lab06 {
public static void main(String[] args) {
Scanner input = new Scanner(System.in);
System.out.print("The amount invested:");
double investmentAmount = input.nextDouble();
System.out.print("Annual interest rate:");
double InterestRate = input.nextDouble();
double monthlyInterestRate = InterestRate / (12.0*100.0);
System.out.print("Years\tFuture Value\n");
//returns 12833.59
for(int i = 1 ; i <= 30 ; i++){
System.out.printf("%d\t%.2f\n",i,futureInvestmentValue(investmentAmount, monthlyInterestRate, i));
}
}//main
public static double futureInvestmentValue(double investmentAmount, double monthlyInterestRate, int years) {
return investmentAmount * Math.pow( (1 +monthlyInterestRate) , years*12 ) ;
}
}//class