A bank account earns interest once per year. Compute the interest earned in the first and second years. ### Understanding Interest Calculation Using Java CodeGiven below is a simple Java program that computes the interest earned on a bank account in the first and second years. The program takes an initial balance and an interest rate and calculates the interest for two consecutive years.#### Source Code: Investment.java```javapublic class Investment{ public static void main(String[] args) { double balance = 351.75; double percent = 5.5; double interest = balance * percent; System.out.printf("Year 1 interest: %.2f%n", interest); interest = balance * percent; System.out.printf("Year 2 interest: %.2f%n", interest); }}```#### Breakdown of the Program1. **Class Definition and Main Method:** - The program is defined within a public class named `Investment`. - The `main` method is the entry point for the program execution.2. **Variable Initialization:** - `balance` is a `double` type variable initialized to 351.75, representing the initial balance of the account. - `percent` is a `double` type variable initialized to 5.5, representing the annual interest rate.3. **Interest Calculation for Year 1:** - The interest for the first year is calculated by multiplying the `balance` with `percent`. - The result is stored in the `interest` variable and then printed to the console using `System.out.printf` with formatting to show two decimal places.4. **Interest Calculation for Year 2:** - The same interest calculation is repeated (note: in a real-world scenario, typically you would update the balance with the interest before recalculating for the next year). - The result is stored in the `interest` variable again and printed to the console similarly to the first year.#### Important Notes- The interest is calculated based on the initial balance without updating it year over year. In a more realistic scenario, the balance should be updated to include the interest earned each year.- The use of `System.out.printf` allows for formatted output, which is essential for presenting financial data accurately.By running this program, students can observe how interest is computed and outputted for consecutive years, and understand the importance of updating balances when dealing with yearly calculations.

Interest calculation Logic: - The interest for one year is calculated by making use of the…

A bank account earns interest once per year. Compute the interest earned in the first and second years. Investment.java 1 public class Investment 2 { 3 4 5 public static void main(String[] args) { double balance = 351.75; double percent = 5.5; 7 8 double interest = balance percent; System.out.printf("Year 1 interest: %.2f%n", interest); 9 10 11 12 interest = balance percent; 13 14 15 } System.out.printf("Year 2 interest: %.2f%n", interest); }

A bank account earns interest once per year. Compute the interest earned in the first and second years. Investment.java 1 public class Investment 2 { 3 4 5 public static void main(String[] args) { double balance = 351.75; double percent = 5.5; 7 8 double interest = balance percent; System.out.printf("Year 1 interest: %.2f%n", interest); 9 10 11 12 interest = balance percent; 13 14 15 } System.out.printf("Year 2 interest: %.2f%n", interest); }

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

See similar textbooks

Related questions

Q: Programming Problem 1. Rock, Paper, Scissors This is your traditional rock-paper-scissors game,…

A: Lets see the solution in the next steps

Q: You have one supercomputer and ŉ normal computers on which you need to run n jobs. Each job i first…

Q: Golf scores record the number of strokes used to get the ball in the hole. The expected number of…

A: Step 1 : STARTStep 2 : declare all variablesStep 3 : input par and strokeStep 4 : using if else if…

Q: “The Parchment Book Publishers” Case Study “The Parchment” book publishers is a small publishing…

A: Project Report On “The Parchment Book Publishers” Submitted By R.Gayathri

Q: You forgot the average

A: After completing the code, I have provided JAVA CODE along with CODE SCREENSHOT and OUTPUT…

Q: Python Jupyter Notebook

A: PROGRAM INTRODUCTION: Take the plaintext from the user. Take the value for the shift from the user.…

Q: Introduction Some number of teams are participating in a race. You are not told how many teams are…

A: C++ which refers to the one it is an object oriented Programming language and it is used to create…

Q: 10 - In an examination, 500 students appeared. Out of these students, 38 % got A+ grade, 45 % got B+…

A: Program to find the number of students who got A+, B+ and the number of students who just passed.

Q: A multiple-choice quiz consists of 5 questions with 4 possible choices. In how many ways can a…

A: Given quiz of 5 questions. Each has 4 possible choices.

Q: there is an error .

A: I have gone through the question and as well as the solution. Below is the only error/warning I have…

Q: Golf scores record the number of strokes used to get the ball in the hole. The expected number of…

A: The objective of the question is to write a program that takes two integers as input, representing…

Q: Modulo Rules. Find the remainders 21 a = 11²1; ; b = 7 Answer 7 1

A: Given, a=1121, b=7 To calculate 1121 mod 7 using modulo rules, the following steps are considered:…

Q: Golf scores record the number of strokes used to get the ball in the hole. The expected number of…

A: Prompt the user to enter the strokes and then par score. Store the received values in score and par.…

Q: Write an algorithm that computes the Body Mass Index (BMI) given the heights and weights of…

A: BMI = WeightHeight2 BMI ≤18.5 →Underweight18.5 < BMI ≤24.9 →Normal24.9 < BMI ≤29.9…

Q: The number x is a positive integer. You are asked to express the number x3 as a product of terms of…

A: Task - write x53 as product of terms of the form x(2^j)

Q: Entered Answer Preview Result Message correct (923,998) (923,998) (2398,2171) (2398, 2171) correct…

A: 1. Elliptic Curve Parameters:* Equation: y^2 = x^3 + ax + b mod p* Parameters: a = 2440, b = 295,…

Q: Suppose you wanted to harness to power of wind to generate electricity. One question you might want…

A: I have provided JAVA CODE along with CODE SCREENSHOT and OUTPUT…

Q: Q2)Following are the various algorithms time complexities expressions. Find the dominant terms and…

A: NOTE: This question contains multiple parts & so only Question 2 can be attempted according to…

Q: Create structured, commented Python 3 code to determine any individual number's position on the…

A: def checkEvenOdd(n): if n == 0: print("The entered number is 0") elif n % 2 == 0:…

Q: Decrease-by-Constant-Factor Fake-Coin puzzle method in Java or C++ to find the fake coin out of n…

A: Answer is given below in Java. Note - I have used the variables and functions names as per my…

Question

A bank account earns interest once per year. Compute the interest earned in the first and second years.

### Understanding Interest Calculation Using Java Code

Given below is a simple Java program that computes the interest earned on a bank account in the first and second years. The program takes an initial balance and an interest rate and calculates the interest for two consecutive years.

#### Source Code: Investment.java

```java
public class Investment
{
public static void main(String[] args)
{
double balance = 351.75;
double percent = 5.5;

double interest = balance * percent;
System.out.printf("Year 1 interest: %.2f%n", interest);

interest = balance * percent;
System.out.printf("Year 2 interest: %.2f%n", interest);
}
}
```

#### Breakdown of the Program

1. **Class Definition and Main Method:**
- The program is defined within a public class named `Investment`.
- The `main` method is the entry point for the program execution.

2. **Variable Initialization:**
- `balance` is a `double` type variable initialized to 351.75, representing the initial balance of the account.
- `percent` is a `double` type variable initialized to 5.5, representing the annual interest rate.

3. **Interest Calculation for Year 1:**
- The interest for the first year is calculated by multiplying the `balance` with `percent`.
- The result is stored in the `interest` variable and then printed to the console using `System.out.printf` with formatting to show two decimal places.

4. **Interest Calculation for Year 2:**
- The same interest calculation is repeated (note: in a real-world scenario, typically you would update the balance with the interest before recalculating for the next year).
- The result is stored in the `interest` variable again and printed to the console similarly to the first year.

#### Important Notes

- The interest is calculated based on the initial balance without updating it year over year. In a more realistic scenario, the balance should be updated to include the interest earned each year.
- The use of `System.out.printf` allows for formatted output, which is essential for presenting financial data accurately.

By running this program, students can observe how interest is computed and outputted for consecutive years, and understand the importance of updating balances when dealing with yearly calculations.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, computer-science and related others by exploring similar questions and additional content below.

Similar questions

Python elif if
Alert dont submit AI generated answer. Please solve in matlab.
A flight of stairs has 10 steps numbered 1 to 10 as shown in the figure below. i. How many ways could you climb up the set of stairs, assuming that you can skip any number of stairs with each step, but you must end on step 10 and you can only go up, never down and never remaining on the same step. ii. How many ways could you climb up the set of stairs, assuming you take exactly 4 steps. Again, your staircase climb ends on step 10. JAlthough there are different ways in which you could solve this problem, model the problem as a balls and bins problem for full credit.
Python
In the US Higher Education sector, a degree is classified using a Grade Point Average (GPA). The grades ‘A’, ‘B’, ‘C’, ‘D’ or ‘F’ are called academic grades. Each ‘A’ is worth 4 points, each ‘B’ is worth 3 points, each ‘C’ is worth 2 points, each ‘D’ is worth 1 point and each ‘F’ is worth 0 points. The GPA is found by calculating the number of points and then dividing by the number of academic grades. A student may also have a non-academic grade of ‘W’ (for withdrew) which is not counted at all in the calculation. You can assume that the student will have at least one academic grade in their list of grades. There are many ways of calculating a GPA from a list of grades, but you must follow the algorithm given by this top-level decomposition: > Find GPA. >> Input a list of academic and non-academic grades. >> Create a new list that consists of the number of points for each academic grade in the input list. >> Add up the values in the new list and divide by the…
Transcribed Image Text A student took four quizzes in a term and would like to compute their average. He also would like to know what will be the remarks. Follow the range of grades and its equivalent remarks, and then fill-up the table below: 100-95 - Excellent 94-90 – Very Satisfactory 89-85 - Satisfactory 84-80 - Fine 79-75 - Fair 74 and below - Poor