Question

(4 points) One unrealistic assumption made by our example on compound interest with annual contributions was that the extra amount contributed per year is constant throughout the per- son's entire career. A more realistic model would be to have this extra contribution start out low and slowly increase each year as the person's pay presumably increases. Start by copying GettingRichSlowly.java from the Week 4 sample code into your Homework4 folder. Modify the program to include one additional user input, the percentage by which the extra contribution should be increased each year. For example, suppose the user wants to contribute $1000 the first year, with a 2% annual increase. At the end of year 1, $1000 would be added to the account. At the end of year 2, the extra amount grows by 2%, so $1020 would be added to the account. At the end of year 3, the extra amount grows by another 2%, so $1040.40 would be added to the account. And so on... Example program run (underlined parts indicate what the user enters) Enter initial deposit: 100 Enter annual interest rate (as a percentage): 7.5 Enter number of years: 10 How much extra would you like to contribute at the end of the first year? 1000 How much should the annual contribution increase each year (as a percentage)? 5 $ 100.00 7.50 $ 1000.00 $ 1107.50 2 1107.50 83.06 $ 1050.00 $ 2240.56 $ 2240.56 $ 168.04 $ 1102.50 $ 3511.10 4 3511.10 $ 263.33 $ 1157.63 $ 4932.06 5 4932.06 $ 369.90 $ 1215.51 $ 6517.47 6517.47 488.81 $ 1276.28 $ 8282.57 7 8282.57 621.19 1340.10 $ 10243.85 8 10243.85 768.29 $ 1407.10 $ 12419.24 $ 12419.24 $ 931.44 1477.46 $ 14828.14 10 $ 14828.14 $ 1112.11 $ 1551.33 $ 17491.58 $ 3 $ 6 $ 9

Write in format where user enters the values in correct underlined formats and write code to match format in example.

Answer quickly and correctly for thumbs up!! thanks!

Answer 1

Here is the answer for your question in Java Programming Language.

CODE :

import java.util.Scanner; public class GettingRichSlowly { public static void main(String[] args){ //Required variables double deposit, interestRate, contribution, conRate; int n; Scanner s = new Scanner(System.in); //Reads initial deposit System.out.print("Enter initial deposit: "); deposit = s.nextDouble(); //Validates initil deposit while(deposit <= 0){ System.out.println("\nDeposit value should be greater than 0\n"); System.out.print("Enter initial deposit: "); deposit = s.nextDouble(); } //Reads annual interest System.out.print("Enter annual interest rate (as a percentage): "); interestRate = s.nextDouble(); //Validates annula interest while(interestRate <= 0){ System.out.println("\nInterest rate should be greater than 0\n"); System.out.print("Enter annual interest rate (as a percentage): "); interestRate = s.nextDouble(); } //Reads number of years System.out.print("Enter number of years: "); n = s.nextInt(); //Validates number of years while(n <= 0){ System.out.println("\nYears should be greater than 0\n"); System.out.print("Enter number of years: "); n = s.nextInt(); } //Reads contribution System.out.print("How much extra would you like to contribute at the end of the first year? "); contribution = s.nextDouble(); //Validates contribution while(contribution < 0){ System.out.println("\nContribution should be greater than or equal to 0\n"); System.out.print("How much extra would you like to contribute at the end of the first year? "); contribution = s.nextDouble(); } //Reads rate of contribution System.out.print("How much should the annual contribution increase each year (as a percentage)? "); conRate = s.nextDouble(); //Validates rate of contribution while(contribution < 0){ System.out.println("\nContribution Rate should be greater than 0\n"); System.out.print("How much should the annual contribution increase each year (as a percentage)? "); conRate = s.nextDouble(); } //Calculates and displays output for given years for(int i=0;i<n;i++){ double rate = (deposit * (interestRate/100)); double total = deposit + rate + contribution; System.out.println(String.format("%3d%6s%12.2f%4s%12.2f%4s%12.2f%4s%12.2f",(i+1),"$",deposit,"$",rate,"$",contribution,"$",total)); deposit = total; contribution = contribution + (contribution*(conRate/100)); } } }

SCREENSHOTS :

Please see the screenshots of the code below for indentations of the code.

1 2 3 o 4 import java.util.Scanner; þublic class GettingRichslowly { public static void main(String[] args) { // Required variables double deposit, interestRate, contribution, conRate; int n; Scanner s = new Scanner(System.in); 5 6 7 8 9 10 //Reads initial deposit System.out.print("Enter initial deposit: "); deposit = s.nextDouble(); //Validates initil deposit while(deposit <= 0){ System.out.println("\nDeposit value should be greater than @\n"); System.out.print("Enter initial deposit: "); deposit = s.nextDouble(); //Reads annual interest System.out.print("Enter annual interest rate (as a percentage): "); interestRate - S.nextDouble(); //Validates annula interest while(interestRate <= 0){ System.out.println("\nInterest rate should be greater than 0\n"); System.out.print("Enter annual interest rate (as a percentage): "); interestRate = s.nextDouble(); ll 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 } } n = //Reads number of years System.out.print("Enter number of years: "); s.nextInt(); //Validates number of years while(n <= ){ System.out.println("\nYears should be greater than @\n");

System.out.print("Enter number of years: "); n = s.nextInt(); - } 33 34 35 36 37 38 39 40 41 42 43 //Reads contribution System.out.print("How much extra would you like to contribute at the end of the first year? "); contribution - s.nextDouble(); //Validates contribution while(contribution < 0){ System.out.println("\nContribution should be greater than or equal to @\n"); System.out.print("How much extra would you like to contribute at the end of the first year? "); contribution = s.nextDouble(); } 46 47 48 49 50 51 //Reads rate of contribution System.out.print("How much should the annual contribution increase each year (as a percentage)? "); conRate = s.nextDouble(); //Validates rate of contribution while( contribution < 0) { System.out.println("\nContribution Rate should be greater than \n"); System.out.print("How much should the annual contribution increase each year (as a percentage)? "); conRate = s.nextDouble(); 56 57 58 59 60 61 //Calculates and displays output for given years for(int i=0;i<n;i++) { double rate = (deposit * (interestRate/100)); double total = deposit + rate + contribution; System.out.println(String.format("%3d%6s%12.2f%4s%12.2f%4s%12.2f%4s%12.2f",(i+1), "$", deposit, "$", rate, "$", contribution, "$", total)); deposit = total; contribution = contribution + (contribution* (conRate/100)); 62 63 64

OUTPUT :

$ run: Enter initial deposit: 100 Enter annual interest rate (as a percentage): 7.5 Enter number of years: 10 How much extra would you like to contribute at the end of the first year? 1000 How much should the annual contribution increase each year (as a percentage)? 5 1 $ 100.00 $ 7.50 1000.00 $ 1107.50 2 $ 1107.50 $ 83.06 $ 1050.00 $ 2240.56 3 $ 2240.56 $ 168.04 1102.50 $ 3511.10 4 $ 3511.10 $ 263.33 $ 1157.63 $ 4932.06 5 $ 4932.06 $ 369.90 $ 1215.51 $ 6517.47 6 $ 6517.47 $ 488.81 $ 1276.28 $ 8282.57 7 $ 8282.57 $ 621.19 $ 1340.10 $ 10243.85 8 $ 10243.85 $ 768.29 1407.10 $ 12419.24 9 $ 12419.24 $ 931.44 $ 1477.46 $ 14828.14 10 $ 14828.14 $ 1112.11 $ 1551.33 $ 17491.58 BUILD SUCCESSFUL (total time: 12 seconds) $ A DA $ A A A |

Any doubts regarding this can be explained with pleasure :)