Write a method that computes future investment value at a given interest rate fo
ID: 3565135 • Letter: W
Question
Write a method that computes future investment value at a given interest rate for a specified number of years.
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 Java test program that prompts the user to enter the investment amount (e.g.,1000) and the interset rate (e.g.,9%) and prints a table that displays the futute value for the years from 1 to 30, as shown below:
_____________________________________________________________________
Ex)
The amount invested: 1000
Annual interest rate: 9
Years Future Value
1 1093.80
2 1196.41
...
29 13467.25
30 14730.57
Explanation / Answer
import java.util.Scanner;
public class futureInvestmentValue
{
public static void main(String args[])
{
Scanner in =new Scanner(System.in);
double investmentAmount;
double monthlyInterestRate;
int years;
System.out.println("Please enter investment amount");
investmentAmount =in.nextDouble();
System.out.println("Please enter interest rate monthly");
monthlyInterestRate=in.nextDouble();
futureInvestmentValue(investmentAmount, monthlyInterestRate, 30);
}
public static double futureInvestmentValue(double amount,double rate ,int years)
{
System.out.println("The amount invested: "+amount);
System.out.println("Annual interest rate: "+rate);
System.out.println("Years Future Value");
for(int i=1;i<=years*12;i++)
{
amount = amount + amount *rate /100 ;
if(i %12 == 0)
{
System.out.println(i/12 +" "+amount);
}
}
return amount;
}
}
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