Suppose you save $100 each month into a savings account with theannual interest

Question

Suppose you save $100 each month into a savings account with theannual interest rate 5%. So, the monthly interest rate is 0.05/12 =0.00417. After the first month, the value in the accountbecomes
100*(1 + 0.00417) = 100.47
after the second month, the value in the account becomes
(100 + 100.47)*(1 + 0.00417) = 201.252
after the third month, the value in the account becomes,
(100 + 201.252)*(1 + 0.00417) = 302.507
and so on.
Write a program to display the account value after the sixth month.( you will use a loop to simplify the code and display the accountvalue for any month)

Explanation / Answer

please rate - thanks Suppose you save $100 each month into a savings account with theannual interest rate 5%. So, the monthly interest rate is 0.05/12 =0.00417. After the first month, the value in the accountbecomes 100*(1 + 0.00417) = 100.47 this iswrong 100*(1+.00417)=100*(1.00417)=100.417 not100.47 after the second month, the value in the account becomes (100 + 100.47)*(1 + 0.00417) = 201.252     since the original is wrong all arewrong after the third month, the value in the account becomes, (100 + 201.252)*(1 + 0.00417) = 302.507 public class interest { public static void main(String []args) {double value=0, rate=.05/12, invest; int i; invest=100; for(i=0;i

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