Interest Earned Assuming there are no deposits other than the original investment, the balance in a savings account after one year may be calculated as Amount = Principal *(1 + Rate T Principal is the balance in the savings account, Rate is the interest rate, and T is the number of times the interest is compounded during a year (T is 4 if the interest is compounded quarterly). Write a program that asks for the principal, the interest rate, and the number of times the interest is compounded. It should display a report similar to Interest Rate: Times Compounded: 4.25% 12

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
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Java: 

Interest Earned
Assuming there are no deposits other than the original investment, the balance in a
savings account after one year may be calculated as
Amount = Principal *(1 +
Rate T
T
Principal is the balance in the savings account, Rate is the interest rate, and T is
the number of times the interest is compounded during a year (T is 4 if the interest is
compounded quarterly).
Write a program that asks for the principal, the interest rate, and the number of times
the interest is compounded. It should display a report similar to
Interest Rate:
Times Compounded:
Principal:
Interest:
Amount in Savings:
4.25%
12
$ 1000.00
$ 43.34
$ 1043.34
Transcribed Image Text:Interest Earned Assuming there are no deposits other than the original investment, the balance in a savings account after one year may be calculated as Amount = Principal *(1 + Rate T T Principal is the balance in the savings account, Rate is the interest rate, and T is the number of times the interest is compounded during a year (T is 4 if the interest is compounded quarterly). Write a program that asks for the principal, the interest rate, and the number of times the interest is compounded. It should display a report similar to Interest Rate: Times Compounded: Principal: Interest: Amount in Savings: 4.25% 12 $ 1000.00 $ 43.34 $ 1043.34
Expert Solution
Explanation

1) Below is JAVA Program that ask for the principal, the interest rate and the number of times the interest is 
compounded and display report.

  • It main method of program it declare variables
  • Create an scanner object to read from user
  • Ask user to enter Principal amount
  • Ask user to enter Interest rate
  • Ask user to enter number of time interest is compounded
  • Calculate compound interest and total amount
  • Display report

2) Save program in MyInterest.java file, build and run

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