Java for loop compound interest calculations

Question

We would like to use for loop to do compound interest calculations.

We invest $1,000 in a savings account yielding 5% interest.

Assuming that all the interest is left on deposit.

Calculate and print the amount of money in the account at the end of each year for 10 years.

Use the following formula to determine the amounts:

a = p × (1 + r) n

where

  • p is the original amount invested (i.e., the principal)
  • r is the annual interest rate (e.g., use 0.05 for 5%)
  • n is the number of years
  • a is the amount on deposit at the end of the nth year. 

// Compound-interest calculations with for.

public class Main 
{
   public static void main(String args[])
   {/*from  w ww.ja  va 2  s . c o m*/
      double amount; // amount on deposit at end of each year
      double principal = 1000.0; // initial amount before interest
      double rate = 0.05; // interest rate

      // display headers
      System.out.printf("%s%20s%n", "Year", "Amount on deposit");

      //your code here
   }
}




// Compound-interest calculations with for.

public class Main 
{
   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

      // display headers
      System.out.printf("%s%20s%n", "Year", "Amount on deposit");

      // calculate amount on deposit for each of ten years
      for (int year = 1; year <= 10; year++) 
      {
         // calculate new amount for specified year
         amount = principal * Math.pow(1.0 + rate, year);

         // display the year and the amount
         System.out.printf("%4d%,20.2f%n", year, amount);
      } 
   }
}



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