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
Max Function
Statistical function is of many categories. One of them is a MAX function. The MAX function returns the largest value from the list of arguments passed to it. MAX function always ignores the empty cells when performing the calculation.
Power Function
A power function is a type of single-term function. Its definition states that it is a variable containing a base value raised to a constant value acting as an exponent. This variable may also have a coefficient. For instance, the area of a circle can be given as:
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fddf70904-16ad-44c6-86e1-697495f75ddc%2F8c0ba461-066d-4eed-8b9b-d7b4b6de146b%2Fyf8543r_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
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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