Starting Out with Java: From Control Structures through Data Structures (4th Edition) (What's New in Computer Science)
4th Edition
ISBN: 9780134787961
Author: Tony Gaddis, Godfrey Muganda
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 21PC
Compound Interest
When a bank account pays compound interest, it pays interest not only on the principal amount that was deposited into the account, but also on the interest that has accumulated over time. Suppose you want to deposit some money into a savings account, and let the account earn compound interest for a certain number of years. The formula for calculating the balance of the account after a specified number of years is:
The terms in the formula are:
A is the amount of money in the account after the specified number of years.
P is the principal amount that was originally deposited into the account.
r is the annual interest rate.
n is the number of times per year that the interest is compounded.
t is the specified number of years.
Write a
- The amount of principal originally deposited into the account
- The annual interest rate paid by the account
- The number of times per year that the interest is compounded (For example, if interest is compounded monthly, enter 12. If interest is compounded quarterly, enter 4.)
- The number of years the account will be left to earn interest
Once the input data has been entered, the program should calculate and display the amount of money that will be in the account after the specified number of years.
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Interest Rates Savings accounts state an interest rate and a compounding period. If theamount deposited is P, the stated interest rate is r, and interest is compounded m timesper year, then the balance in the account after one year is P⋅(1+rm)m. For instance, if$1000 is deposited at 3% interest compounded quarterly (that is, 4 times per year), thenthe balance after one year is1000⋅(1+.034)4=1000⋅1.00754=$1,030.34.Interest rates with different compounding periods cannot be compared directly.The concept of APY (annual percentage yield) must be used to make the comparison. TheAPY for a stated interest rate r compounded m times per year is defined byAPY=(1+rm)m−1.(The APY is the simple interest rate that yields the same amount of interest after oneyear as the compounded annual rate of interest.) Write a program to compare interestrates offered by two different banks and determine the most favorable interest rate. SeeFig. 4.24.
Suppose you want to deposit a certain amount of money into a savings account with a fixed annual interest rate. We are interested in calculating the amount needed to deposit in order to have, for instance, $5000 in the account after three years. The initial deposit amount can be obtained using the following formula:
Summary
Interest on a credit card's unpaid balance is calculated
using the average daily balance.
Suppose that netBalance is the balance shown in the
bill, payment is the payment made, d1 is the number
of days in the billing cycle, and d2 is the number of
days payment is made before billing cycle.
Then, the average daily balance is:
averageDailyBalance = (netBalance * d1 payme
If the interest rate per month is, say, 0.0152, then the
interest on the unpaid balance is:
interest averageDailyBalance * 0.0152
Instructions
Write a program that accepts as input netBalance,
d1, payment, d2, and interest rate per month (
interestRate).
Chapter 2 Solutions
Starting Out with Java: From Control Structures through Data Structures (4th Edition) (What's New in Computer Science)
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