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Java Format (Financial application: compute CD value) Suppose you put $10,000 in

ID: 3563900 • Letter: J

Question

Java Format

(Financial application: compute CD value) Suppose you put $10,000 into a CD with an annual % yield of 5.75%. After one month, the CD is worth

                                   10000 + 10000 * 5.75 / 1200 = 10047.92

After two months the CD is worth

                                    10047.91 + 10047.91 * 5.75 / 1200 = 10096.06

After three months the CD is worth

                                     10096.06 + 10096.06 * 5.75 / 1200 = 10144.44

and so on.

- Write a program that prompts the use to enter an amount (e.g., 10000), the annual percentage yield (e.g, 5.75), and the number of months (e.g, 18) and displays a table as shown in the sample run.

____________________________________________________

Month      CD Value

1           10047.92

2             10096.06

...

17            10846.57

18            10898.54

Explanation / Answer

//Compile: javac FinanceProgram.java
//Run : java FinanceProgram
/**
* The java program prompts user to enter
* amount,percentage and number of months
* then calculates the compound interest
* on each month upto number of months,
* */
import java.util.Scanner;
public class FinanceProgram
{

   //static variables to store amount,percentage
   //and months
   static double amount;
   static double percentage;
   static int numberOfMonths;
   public static void main(String[] args)
   {
       //scanner object to read input
       Scanner reader=new Scanner(System.in);
      
       //Read input from the user
       System.out.println("Enter amount");
       amount=reader.nextDouble();
       System.out.println("Enter percentage");
       percentage=reader.nextDouble();
       System.out.println("Enter number of months");
       numberOfMonths=reader.nextInt();
      
       //call the static method with three inputs
       //amount,percentage and number of months
       //Then it displays the table of months and compoun
       //interest
       displayCDTable(amount,percentage,numberOfMonths);
      
      
   }
  
   //Method displayCDTable accepts amount,percentage
   //and number of months .Then calculates the CD value
   //Prints the month and CD value in each month over
   //number of months
   private static void displayCDTable(double amount, double percentage,
           int numberOfMonths)
   {
       double CDValue;
      
       System.out.printf("%-10s%-10s ","Month","CD Value");
      
       //loop to calculate CD value
       for (int month = 1; month <= numberOfMonths; month++)
       {
           //Calculate CD value
               CDValue=amount+percentage*amount/1200;
               System.out.printf("%-15d%-10.2f ",month,CDValue);
               //set CD value as amount for next month
               amount=CDValue;
          
       }
      
   }//end of the method
  
  
}//end of class


--------------------------------------------------------------------------

Sample output:

Enter amount
10000
Enter percentage
5.75
Enter number of months
18
Month     CD Value
1              10047.92
2              10096.06
3              10144.44
4              10193.05
5              10241.89
6              10290.97
7              10340.28
8              10389.82
9              10439.61
10             10489.63
11             10539.89
12             10590.40
13             10641.14
14             10692.13
15             10743.37
16             10794.84
17             10846.57
18             10898.54

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