Suppose we add a fixed amount of money into our bank account at the beginning of every year. Modify the program from this section to show how many years it takes for the balance to double, given the annual contributions and the interest
Suppose we add a fixed amount of money into our bank account at the beginning of every year. Modify the
import java.util.Scanner;
/**
This program computes the time required to double an investment
with an annual contribution.
*/
public class DoubleInvestment
{
public static void main(String[] args)
{
final double RATE = 5;
final double INITIAL_BALANCE = 10000;
final double TARGET = 2 * INITIAL_BALANCE;
Scanner in = new Scanner(System.in);
System.out.print("Annual contribution: ");
double contribution = in.nextDouble();
double balance = INITIAL_BALANCE;
int year = 0;
// TODO: Add annual contribution, but not in year 0
while(balance< TARGET) {
year++;
double interest = balance*(RATE/100);
balance = (balance+contribution+interest);
}
System.out.println("Year: " + year);
System.out.printf("Balance: %.2f%n", balance);
}
}
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