For Loops (Java) Write an application that calculates the amount of money earned

Question

For Loops (Java)

Write an application that calculates the amount of money earned on an investment, based on an 8% annual return. Prompt the user to enter an investment amount (present value) and the number of years for the investment. Display an error message if the user enters 0 for either value; otherwise, display the total amount (balance) for each year of the investment. Save the file as Investment.java. Use the compound interest formula for each year. where PV is the present value, r is the rate (as a decimal) and n is the number of years (you will want to show for year 1 through the user entered value).

Explanation / Answer

import java.io.BufferedReader;

import java.io.IOException;

import java.io.InputStreamReader;

import java.math.BigDecimal;

import java.math.RoundingMode;

public class Investment {

private static final double RATE_OF_INTEREST = 8;

   public static void main(String[] args) throws Exception {

       System.out.println("Please enter Investment amount: ");

       double p = Double.valueOf(readFromKeyboard());

       System.out.println("Please enter Number of years of investment: ");

       int noOfYears = Integer.valueOf(readFromKeyboard());

       if (p == 0 || noOfYears == 0) {

           System.err.println("invalid value for amount or noOfYear!");

           System.exit(0);

       }

       double r = RATE_OF_INTEREST / 100;

       BigDecimal principal = new BigDecimal(p);

       for (int t = 1; t <= noOfYears; t++) {

           BigDecimal totalAmount = principal.multiply((BigDecimal.ONE.add(new BigDecimal(r))).pow(t));

           System.out.println(String.format("Amount accrued after %s year(s) is %s", t, totalAmount.setScale(2, RoundingMode.HALF_EVEN)));

       }

   }

   public static String readFromKeyboard() throws IOException{

       InputStreamReader r = new InputStreamReader(System.in);

       BufferedReader br = new BufferedReader(r);        

       String msg = br.readLine();

       return msg;

   }

}

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