Help: Assignment to Create Program that Calculates Compound Interest

Hello. Let me begin by saying that I am a rookie. This is my first semester taking Programming and I went straight into 2301. My mistake, but I like the challenge and I don't want to drop the class.

It is a two part assignment. I'm not asking for anyone to do it for me (but if you would that would be great, just kidding). I would however appreciate some direction in how I am supposed to go about this.

I am using jGrasp. I don't really know if that matters, but that is the preferred program by the class.

Problem #1

Compound interest is an important concept in understanding loans, investments and savings plans. We'll look at what happens to your money when you save a fixed amount every month at a guaranteed monthly interest rate. You will be given the amount being saved each month, the interest rate on a monthly basis and the number of months the savings plan will be in effect. You will then determine the amount of money in the account at that point.

It is important to understand that the interest rate will be given as a decimal rather than a percentage. So, what would usually be quoted as a 1.5% per month rate should be expressed as .015 for this program.

To present the formula, we name some of the data involved:
s is the amount saved each month
r is the monthly interest rate
n is the number of months the plan will be in effect
Then the amount saved at the end is
s times the quotient of r plus 1 to the nth power minus 1 divided by r 1

So, you are to write a program that declares three variables for the amount saved each month, the monthly interest rate and the number of months. Then prompt the user for each value and assign the values to each variable. Your program then should compute the amount saved at the end. Your program should then display the four data with appropriate labelling.

Here are some data to try out to see if your program is working properly.
Number of Months | Amount Saved Each Month |Monthly Rate |Amount Saved at End
12 | 100 | .01 | 1268.25
24 | 100 | .01 | 2697.35
60 | 100 | .015 | 9621.47
36 | 150 | .015 | 7091.4

Name your program file SavingsFixed.java
Problem #2

For this exercise, copy your previous file and name the copy SavingsRandom.java. Modify this program so that the initial values of each of the three amounts (monthly savings, monthly rate, number of months) is determined randomly. These numbers should come from appropriate ranges:

* s should be in the range from 100 to 200
* r should be in the range from .005 to .020
* n should be in the range from 12 to 60

You can test this program by running it. If the program produces output, you can put the values of s, r and n back in the first program you wrote and compare the result with what this program produced for you.
Click to expand...

Thank you for your time and any assistance you offer.

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Help: Assignment to Create Program that Calculates Compound Interest

Wenkinator Peon

it career Notable Member

Log in or Sign up

Help: Assignment to Create Program that Calculates Compound Interest

Wenkinator Peon

it career Notable Member

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