Suppose you put $10,000 into a CD with an annual percentage yield of 5.75%. Afte

Question

Suppose you put $10,000 into a CD with an annual percentage yield of 5.75%. After one month, the CD is worth 10000 + 10000 * 5.75 / 1200 = 10047.92
After two months, the CD is worth 10047.91 + 10047.91 * 5.75 / 1200 = 10096.06
After three months, the CD is worth 10096.06 + 10096.06 * 5.75 / 1200 = 10144.44
and so on.
Write a Java program (name it ComputeCDValue) that prompts the user to enter an amount (e.g., 10000), the
annual percentage yield (e.g., 5.75), and the number of months (e.g., 18) and
displays a table as shown in the sample run:

Enter the initial deposit amount: 10000
Enter annual percentage yield: 5.75
Enter maturity period (number of months): 18
Month CD Value
1 10047.92
2 10096.06
...
17 10846.57
18 10898.54

My current program keeps giving me "100479.17" for the first run and the rest are wrong, as well.

Explanation / Answer

/* (Financial application: compute CD value) Suppose you put $10,000 into a CD with an annual percentage yield of 5.75%. After one month, the CD is worth 10000 + 10000 * 5.75 / 1200 = 10047.92 After two months, the CD is worth 10047.91 + 10047.91 * 5.75 / 1200 = 10096.06 After three months, the CD is worth 10096.06 + 10096.06 * 5.75 / 1200 = 10144.44 and so on. Write a program that prompts the user to enter an amount (e.g., 10000), the annual percentage yield (e.g., 5.75), and the number of months (e.g., 18) and displays a table as shown in the sample run. */ import java.util.Scanner; public class Exercise_05_31 { public static void main(String[] args) { // Create a Scanner Scanner input = new Scanner(System.in); // Prompt the user to enter an amout, the // annual percentage yield and the number of months System.out.print("Enter the initial deposit amount: "); double amount = input.nextDouble(); System.out.print("Enter annual percentage yield: "); double percentageYield = input.nextDouble(); System.out.print("Enter maturity period (number of months): "); int months = input.nextInt(); // Display header System.out.println("Month CD Value"); // Compute and display CD worth for the number of months for (int m = 1; m

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