Write a program that takes two numbers from the Java console representing, respe

Question

Write a program that takes two numbers from the Java console representing, respectively, an investment and an interest rate (you will expect the user to enter a number such as .065 for the interest rate, representing a 6.5% interest rate.) Do not prompt anything from the user before reading in the investment and interest rate. Your program should calculate and output (in $ notation) the future value of the investment in 5, 10, 15 and 20 years using the following formula: future value = investment * (1 + interest rate)^year We will assume the interest rate is an annual rate and is compounded annually. Use NumberFormat to output the $: https://docs.oracle.com/javase/7/docs/api/javax/swing/text/NumberFormatter.html Only display the output like this:

Year 5: $31,907.04 Year 10: $40,722.37 Year 15: $51,973.20 Year 20: $66,332.44

substituting the correct amount for the value of the investment after the given period. The program must ignore any input other than decimal numbers.

Scanner s = new Scanner(System.in); while(!s.hasNextDouble()) s.next();

Lastly, don't forget to take out the package when you submit to mimir. Pay attention to the spacing in the output.

Skeleton Code : /* * To change this license header, choose License Headers in Project Properties. * To change this template file, choose Tools | Templates * and open the template in the editor. */

package interestrate; import java.util.Scanner; import javax.swing.text.NumberFormatter; import java.text.NumberFormat; import java.util.Locale; /** * * @author random */ public class InterestRate { /** * @param args the command line arguments */

public static void main(String[] args)

{ NumberFormat nf = NumberFormat.getCurrencyInstance(Locale.US); Scanner s = new Scanner(System.in);

//fill in the logic here

//Display like this exactly

System.out.println("Year " + + ": " + nf.format()); } }

Explanation / Answer

package interestrate;

import java.util.Scanner;
import javax.swing.text.NumberFormatter;
import java.text.NumberFormat;
import java.util.Locale;

/** * * @author random */

public class InterestRate
{
   public static double getFutureValueByYear(double investment, double interestRate, int year)
   {
       double futureValue = investment*Math.pow((1+interestRate), year);
       return futureValue;
   }
  
   /** * @param args the command line arguments */
   public static void main(String[] args)
   {
       NumberFormat nf = NumberFormat.getCurrencyInstance(Locale.US);
       Scanner s = new Scanner(System.in);
      
       // loop until s doesn't have double
       while(!s.hasNextDouble())
           s.next();
       double investment = s.nextDouble();
      
       while(!s.hasNextDouble())
           s.next();
       double interestRate = s.nextDouble();
      
       double futureValue;
      
       for(int year = 5; year <= 25; year = year+5)
       {
           futureValue = getFutureValueByYear(investment, interestRate,year);
           System.out.println("Year " + year + ": " + nf.format(futureValue));
       }
   }
}

/*

Sample output

20000
.065
Year 5: $27,401.73
Year 10: $37,542.75
Year 15: $51,436.82
Year 20: $70,472.90
Year 25: $96,553.98

*/

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.