How To Get A Compound Interest Program To Work

Apr 10, 2014

/code

package com.eclipsedistilled.cis125;
import java.util.Scanner;
public class HowellBank {
public static void main(String[] args) {
//Written by George Torgerson
//Chapter 4 Link to Logic 7
//Program that accepts an account number, the account owner's first
//Declarations
int accountNumber;

[code]....

This is for college homework. Fictional bank. I would like the year to look like Year 1, Year 2, etc.

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Creating A Program That Calculates Simple And Compound Interest

Aug 12, 2014

I need getting started designing and creating a program that calculates simple and compound interest. Simple interest in this case means that interest is only applied to the original amount. For instance, if a person deposits $1000 at 10% annual interest, then after one year they would have $1100 (the original $1000 plus the $100 interest) and after two years they would have $1200 (the original $1000, plus the $100 earned the first year, plus the $100 earned the second year).

With compound interest, the interest is applied to all money earned. So, starting with $1000 at 10% annual interest, after one year the user would have $1100 (the original amount plus $100 interest) and after two years the user would have $1210 (the $1100 they started with at the beginning of the year plus the $110 interest).

The requirements of this program are:

-Create a class that will hold methods to calculate the interest. Do not include the main method in this class.
-In the class that is used to calculate the interest, include a method to print to the screen, by interest period, the starting amount for the period, the interest earned for the period, and the total amount at the end of the period. Note that each period represents the time frame for how often it is updated. If annual is selected the period is every year. If it is semi-annual it is every six months. If it is quarterly it is every three months.
-Create a demo class that will use your interest calculation class. Prompt the user for the original amount, the type of interest (simple or compound), the annual interest rate, and whether it is updated annually, semi-annually, or quarterly. Use method calls to your calculate interest class to do all calculations and display the result. Loop the program until the user chooses to quit.

Sample output ($10000 initial investment, 10% simple interest, annual, for 4 years):

Period Beginning Amount Interest Earned Ending Amount
1 10000.00 1000.00 11000.00
2 11000.00 1000.00 12000.00
3 12000.00 1000.00 13000.00
4 13000.00 1000.00 14000.00

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I am trying to change this code to use only integers to calculate the compound interest.

// Compound-interest calculations with for.

public class Interest {
public static void main( String args[] ) {
double amount; // amount on deposit at end of each year
double principal = 1000.0; // initial amount before interest
double rate = 0.05; // interest rate

[Code] .....

And here is the output I get :

Why do I get the output after year 2? I assume it has something to do with the remainder.

I also have to format this output with the decimal point, etc.. which I think I will be ok with after I get through this part.

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From what I have read compound operators have the lowest order of precedence... But the above piece of code makes the assignment k = 1 + (k = 4) * (k + 2) before evaluating the rest of the statement first.

It then evaluates (k = 4) and proceeds with the remained of the statement 1 + 4 * (4 + 6)....

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[code]....

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[Code] ....

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[CSV FILE]

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XML Code:

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[code]....

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Attached image(s)

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[Code] ....

These are the erroe codes I'm getting;

OneDimenArray.java:13: error: ']' expected
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^
OneDimenArray.java:13: error: ';' expected
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[code]....

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