Using the IO module, and no methods other than the main method, write a program
ID: 3807773 • Letter: U
Question
Using the IO module, and no methods other than the main method, write a program in Java with pseudocode for the following:
The user puts some money into a savings account. Each month, they might (or might not) make a deposit into that account. The amount of the deposit can vary from month to month. They will not make any withdrawals. Interest is paid on the account once a month.
Your program should determine how long it will take for the savings account to double in worth from its initial value.
Explanation / Answer
Following is the complete code for the above problem :
import java.util.*;
import java.lang.*;
import java.io.*;
import java.util.Scanner;
import java.util.Random;
public class SavingsAccount {
public static void main(String[] args)
{
Scanner scan = new Scanner(System.in);
System.out.println("Enter initial amount in account :");
double amount = scan.nextDouble(); // initial amount
System.out.println("Enter interest rate percentage :");
double interest = scan.nextDouble(); // interest rate for each month
double requiredMoney = 2*amount; // required target
int i = 1; // keeps track of months passed
while(amount<requiredMoney)
{
// calculate months by using compound interest
double a = requiredMoney/amount;
double b = 1+interest/100;
double ans = Math.ceil(Math.log(a)/Math.log(b));
System.out.println("Current amount in account after "+i+"months = "+amount);
System.out.println("It would take " + (int)ans + " more months to double the money");
System.out.println("Enter total amount to be added in month "+i);
amount += scan.nextDouble(); // money added this month
amount = amount*(1+interest/100);
i++;
}
System.out.println("Initial amount doubled in "+i+" months.");
}
}
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