Project: Calculating Future Investment Value Problem Description: Write a progra

Question

Project: Calculating Future Investment Value

Problem Description:

Write a program that reads in investment amount, annual interest rate, and number of years, and displays the future investment value using the following formula:

and displays the future investment value using the following formula:

futureInvestmentValue =

investmentAmount * (1 + monthlyInterestRate)numberOfYears*12

For example, if you enter amount 1000, annual interest rate 3.25%, and number of years 1, the future investment value is 1032.98.

Hint: Use the Math.pow(a, b) method to compute a raised to the power of b.

Here is a sample run:

Sample 1:

Enter investment amount: 1000

Enter annual interest rate: 4.25

Enter number of years: 1

Accumulated value is 1043.34

Sample 2:

Enter investment amount: 1000

Enter annual interest rate: 4.25

Enter number of years: 1

Accumulated value is 1043.34

Explanation / Answer

import java.util.*;
public class untitled{
public static void main(String []args)
{double invest,rate,future;
int years;
Scanner in=new Scanner(System.in);
System.out.print("Enter investment: ");
invest=in.nextDouble();
System.out.print("Enter interest rate: ");
rate=in.nextDouble();
System.out.print("Enter number of years: ");
years=in.nextInt();
future=invest*Math.pow((1+rate/1200.),years*12);
System.out.println("investment:         $"+invest);
System.out.println("yearlyrate:       "+rate+"%");
System.out.printf("future value after "+years+" years:$%.2f ",future);

}
}

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