Question

8. Write a program to calculate compound interest.(JAVA)?? ​

Answer 1

Answer/ Explanation:

The java program let’s take an example to calculate the compound interest.

Let’s say an amount of $2,000 is deposited into a bank account as a fixed deposit at an annual interest rate of 8%, compounded monthly, the compound interest after 5 years would be:

P = 2000.

R = 8/100 = 0.08 (decimal).

n = 12.

t = 5.

Let’s put these values in the formula.

Compound Interest = 2000 (1 + 0.08 / 12) (12 * 5) – 2000 = $979.69

So, the compound interest after 5 years is $979.69.

Answer 2

Answer:

import java.util.*;

public class Interest{

   public static void main(String[] args){

       Scanner sc = new Scanner(System.in);

       float p, r, t, amt;

       System.out.print("Enter principle:");

       p = sc.nextFloat();

       System.out.print("Enter Rate per anum:");

       r = sc.nextFloat();

       System.out.print("Enter time in years:");

       t = sc.nextFloat();

      amt = p*Math.pow(1+(r/100), t);

      System.out.println("Interest:" + (amt - p));

      System.out.println("Amount:" + amt);

   }

}