Concept explainers
(Financial application: compute the future investment value) Write a method that computes future investment value at a given interest rate for a specified number of years. The future investment is determined using the formula in
Use the following method header:
public static double futureinvestmentValue (
double investmentAmount, double monthlyinterestRate,int years)
For example, futureinvestmentValue(10000, 0.05/12 , 5) returns 12833 0 59.
Write a test program that prompts the user to enter the investment amount (e.g., 1,000) and the interest rate (e.g., 9%) and prints a table that displays future value for the years from 1 to 30, as shown below:
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