Exercise0213_Financial_application_compound_value.java

/**
 * (Financial application: compound value) Suppose you save $100 each month in a
 * savings account with annual interest rate 3.75%. Thus, the monthly interest rate is
 * 0.0375/12 = 0.003125. After the first month, the value in the account becomes
 * 100 * (1 + 0.003125) = 100.3125
 * After the second month, the value in the account becomes
 * (100 + 100.3125) * (1 + 0.003125) = 200.938
 * After the third month, the value in the account becomes
 * (100 + 200.938) * (1 + 0.003125) = 301.878
 * and so on.
 * Write a program that prompts the user to enter a monthly saving amount and
 * displays the account value after the sixth month. (In Exercise 5.30, you will use
 * a loop to simplify the code and display the account value for any month.)
 *
 * Enter the monthly saving amount: 100
 * After the first month, the account value is 100.3125
 * After the second month, the account value is 200.9384765625
 * After the third month, the account value is 301.8789093017578
 * After the sixth month, the account value is 606.5967866995037
 *
 * Created by Sven on 8/17/2018.
 */
package Chapter02;

import java.util.Scanner;

public class Exercise0213_Financial_application_compound_value {
    public static void main(String[] args) {
        Scanner input = new Scanner(System.in);
        System.out.print("Enter the monthly saving amount: ");
        double monthlySavingAmount = input.nextDouble();
        double accountValue = 0;

        accountValue = (monthlySavingAmount + accountValue) * (1 + 0.003125);
        System.out.println("After the first month, the account value is " + accountValue);
        accountValue = (monthlySavingAmount + accountValue) * (1 + 0.003125);
        System.out.println("After the second month, the account value is " + accountValue);
        accountValue = (monthlySavingAmount + accountValue) * (1 + 0.003125);
        System.out.println("After the third month, the account value is " + accountValue);
        accountValue = (monthlySavingAmount + accountValue) * (1 + 0.003125);
        accountValue = (monthlySavingAmount + accountValue) * (1 + 0.003125);
        accountValue = (monthlySavingAmount + accountValue) * (1 + 0.003125);
        System.out.println("After the sixth month, the account value is " + accountValue);
    }
}