Question

Write a program in java to find the compound interest when principal,amount,rate of onterestand time is given. Without using Math.pow command.​

Answer 1

Answer:

Java Program to Calculate Compound Interest

In this tutorial, we will write a java program to calculate compound interest.

Compound 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.

Before writing 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.

Java Program to calculate Compound Interest

In this java program we are calculating the compound interest, we are taking the same example that we have seen above for the calculation

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