Compound Interest

Objectives

We would like to :

Write a program to compute compound interest.

Notes

A calculator
$ A = P(1 + \frac{r}{n})^{nt}$

Algorithm:

Get different values
Compute using compound interest formula
Print the result.

My Final program

import java.util.Scanner;

class CompoundInterest {
   public static void main(String[] args) {
       double principal = 0;
       double rate = 0;
       double years = 0;
       long n = 0;
       double amount = 0;

       Scanner myScanner = new Scanner(System.in);

       System.out.print("Enter the starting principal => ");
       principal = myScanner.nextDouble();
       System.out.println();

       System.out.print("Enter the rate => ");
       rate = myScanner.nextDouble();
       System.out.println();

       System.out.print("Enter the number of years => ");
       years = myScanner.nextDouble();
       System.out.println();

       System.out.print("Enter the number of compundings per year => ");
       n = myScanner.nextLong();
       System.out.println();

       double ratePct = rate / 100;

       amount = (float) (principal * Math.pow(1 + ratePct/n, n * years));

       System.out.println();
       System.out.printf("$%.2f\n",principal);
       System.out.printf("   at %.3f%% interest\n", rate);
       System.out.printf("   compounded %d times a year\n", n);
       System.out.printf("   for %.2f years \n", years);
       System.out.printf("   will be worth $%.2f\t", amount);
   }
}