A savings account typically accrues savings using compound interest. If you depo

Question

A savings account typically accrues savings using compound interest. If you deposit $1000 with a 10% interest rate per year, after one year you will have $1100. If you leave this money in the account for another year at 10% interest, you will have $1210. After three years you will have $1331, and so on. Write a program that inputs the initial amount , an aniterest rate per year, and the number of years the money will accrue compound interest. Write a recursive function that calculates the amount of money that will be in the savings account using the input information. • Use only one file for the program. Create a class name account. Add mutators and constructorsAdd as a member the recursive function for this project named finalamount() with three input values as described which returns the final savings amount after the interst is applied.
A savings account typically accrues savings using compound interest. If you deposit $1000 with a 10% interest rate per year, after one year you will have $1100. If you leave this money in the account for another year at 10% interest, you will have $1210. After three years you will have $1331, and so on. Write a program that inputs the initial amount , an aniterest rate per year, and the number of years the money will accrue compound interest. Write a recursive function that calculates the amount of money that will be in the savings account using the input information. • Use only one file for the program. Create a class name account. Add mutators and constructorsAdd as a member the recursive function for this project named finalamount() with three input values as described which returns the final savings amount after the interst is applied.
A savings account typically accrues savings using compound interest. If you deposit $1000 with a 10% interest rate per year, after one year you will have $1100. If you leave this money in the account for another year at 10% interest, you will have $1210. After three years you will have $1331, and so on. Write a program that inputs the initial amount , an aniterest rate per year, and the number of years the money will accrue compound interest. Write a recursive function that calculates the amount of money that will be in the savings account using the input information. • Use only one file for the program. Create a class name account. Add mutators and constructorsAdd as a member the recursive function for this project named finalamount() with three input values as described which returns the final savings amount after the interst is applied.

Explanation / Answer

As per the understanding of your question, you are looking for compound interest.

Code:

// CompoundInterest.java

import java.util.*;

public class CompoundInterest

{

public static double calculateAmount(double amount,

double rate, int years)

{

if(years <= 0)

return amount;

else

return calculateAmount(amount * (1 + rate / 100),

rate, years - 1);

}

public static void main(String[] args)

{

Scanner console = new Scanner(System.in);

System.out.print(

"Enter the amount of money to deposit: $");

double P = console.nextDouble();

System.out.print("Enter an interest rate per year: $");

double i = console.nextDouble();

System.out.print("Enter the number of years: ");

int n = console.nextInt();

double finalAmount = calculateAmount(P, i, n);

System.out.printf(

" Final amount of money in the savings account: $%.2f", finalAmount);

}

}

Hope this helps. Thanks

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