Write a Java program that prompts the user to enter a monthly saving amount and displays the account value after the sixth month. (You will use a loop to simplify the code and display the account value for any month.)
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 Java program that prompts the user to enter a monthly saving amount and displays the account value after the sixth month. (You will use a loop to simplify the code and display the account value for any month.)
Sample Output:
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
Note: The computation should be until 12 months.
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