Thanks for the help on my last problem! I have one more thing I need help with...
Create the logic for a program that calculates and displays the amount of money you would have if you invested $3000 at 2.65 percent interest for one year.
Create a separate method to do the calculation and display the result.
start
Declarations
num balance
balance = computeBalance()
output "After one year the balance is", balance
stop
balance = computeBalance()
num computeBalance()
Declarations
num balance
num PRINCIPAL = 3000
num INTEREST_RATE = (add interest rate)
balance = PRINCIPAL * (1 + INTEREST_RATE)
return balance
Of course! I'd be happy to help you with that.
To calculate the amount of money you would have after one year of investment at 2.65 percent interest, you can use the formula:
Final Amount = Initial Amount + (Initial Amount * Interest Rate)
Now, let's break down the steps to create the logic for your program:
1. Start by creating a method, let's call it "calculateInvestment", that takes the initial amount and the interest rate as parameters.
2. Inside the "calculateInvestment" method, apply the formula to calculate the final amount. The final amount will be the sum of the initial amount and the product of the initial amount and the interest rate.
3. Create another method, let's call it "displayResult", that takes the final amount as a parameter.
4. Inside the "displayResult" method, simply print out the final amount in a user-friendly format.
5. Finally, in your main method, call the "calculateInvestment" method with the initial amount and interest rate provided (in this case, $3000 and 2.65%). Then, pass the calculated final amount to the "displayResult" method.
Here's a Java implementation of the logic described above:
```java
public class InvestmentCalculator {
public static void main(String[] args) {
double initialAmount = 3000;
double interestRate = 2.65;
double finalAmount = calculateInvestment(initialAmount, interestRate);
displayResult(finalAmount);
}
public static double calculateInvestment(double initialAmount, double interestRate) {
double finalAmount = initialAmount + (initialAmount * interestRate / 100);
return finalAmount;
}
public static void displayResult(double finalAmount) {
System.out.println("The final amount after one year of investment is: $" + finalAmount);
}
}
```
Keep in mind that this implementation assumes the interest rate is provided as a percentage (2.65%) and not a decimal (0.0265). If your interest rate is in decimal form, you may need to adjust the calculation accordingly.
I hope this explanation helps! Let me know if you have any further questions.