I have to modify this program with an outer for loop to do 4%, 6%, 8%, 10% inter
ID: 3542710 • Letter: I
Question
I have to modify this program with an outer for loop to do 4%, 6%, 8%, 10% interest. rates and print the results for each of the interest rates. Here is the original program.
public class Interest {
public static void main( String args[] )
{
double amount; // amount on deposit at end of each year
double prin = 1000.0; // initial amount before interest
double rate = 0.04; // interest rate
System.out.printf( "%s%20s ", "Year", "Amount on deposit" );
// calculate amount on deposit for each of ten years
for ( int year = 1; year <= 10; year++ ) {
// calculate new amount for specified year
amount = prin * Math.pow( 1.0 + rate, year );
// display year and amount
System.out.printf( "%4d%,20.2f ", year, amount );
} // endfor
} // end main()
} // end class Interest
Explanation / Answer
This shows Rates as well :
public class Interest {
public static void main( String args[] )
{
double amount; // amount on deposit at end of each year
double prin = 1000.0; // initial amount before interest
double rate = 0.04; // interest rate
for(int i=0;i<4;i++)
{
System.out.println(" Rate is : "+rate*100 +"%");
System.out.printf( "%s%20s ", "Year", "Amount on deposit" );
// calculate amount on deposit for each of ten years
for ( int year = 1; year <= 10; year++ ) {
// calculate new amount for specified year
amount = prin * Math.pow( 1.0 + rate, year );
// display year and amount
System.out.printf( "%4d%,20.2f ", year, amount );
} // endfor
rate+=0.02;
}//end outer for
} // end main()
} // end class Interest