Reference no: EM132175403
Practice for exam need help
Java program that calculates a bank account balance at the end of a year. The input is initial balance, interest rate and number of times the interest is calculated (called compounding period). The formula to calculate the new balance is given below:
new_balance = initial_Balance*(1+interest_rate/n)n
where n is the compounding period: n=1 for annually, n=2 for semiannually, n=4 for quarterly, n=12 for monthly and n=360 for daily.
Your program should contain a program header (program description, your name and date etc), define variables to store initial balance, new balance, interest rate and compounding period. and then use the formula to do the calculation with interest rate 3.5% and n of your choice for initial balance = 1,000, 2,000, 3,000, 4,000, 5,000, 6,000, 7,000, 8,000, 9,000, and 10,000 dollars respectively using a loop. The output should have the following format:
For initial balance of 1,000, the account balance at the end of one year is ???? and the interest is ????
For initial balance of 2,000, the account balance at the end of one year is ???? and the interest is ????
......
For initial balance of 10,000, the account balance at the end of one year is ???? and the interest is ????
where ???? are the result of your program.
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