Question

Write a program in JAVA to find compound interest.​

Answer 1

Answer:

public class JavaExample {

   public void calculate(int p, int t, double r, int n) {

       double amount = p * Math.pow(1 + (r / n), n * t);

       double cinterest = amount - p;

       System.out.println("Compound Interest after " + t + " years: "+cinterest);

       System.out.println("Amount after " + t + " years: "+amount);

   }

   public static void main(String args[]) {

    JavaExample obj = new JavaExample();

    obj.calculate(2000, 5, .08, 12);

   }

}

Explanation:

ompound Interest Formula

Compound interest is calculated using the following formula:

P (1 + R/n) (nt) - P

Here P is principal amount.

R is the annual interest rate.

t is the time the money is invested or borrowed for.

n is the number of times that interest is compounded per unit t, for example if interest is compounded monthly and t is in years then the value of n would be 12. If interest is compounded quarterly and t is in years then the value of n would be 4.

Answer 2

Answer:

import java.util.Scanner;

class CI {

 public static void main(String[] args) {

   // create an object of Scanner class

   Scanner input = new Scanner(System.in);

   // take input from users

   System.out.print("Enter the principal: ");

   double principal = input.nextDouble();

   System.out.print("Enter the rate: ");

   double rate = input.nextDouble();

   System.out.print("Enter the time: ");

   double time = input.nextDouble();

   System.out.print("Enter number of times interest is compounded: ");

   int number = input.nextInt();

   double interest = principal * (Math.pow((1 + rate/100), (time * number))) - principal;

   System.out.println("Principal: " + principal);

   System.out.println("Interest Rate: " + rate);

   System.out.println("Time Duration: " + time);

   System.out.println("Number of Time interest Compounded: " + number);

   System.out.println("Compound Interest: " + interest);

   input.close();

 }

}

Explanation: