Write a java program that reads in investment amount, annual interest rate, and number of years, and displays the future investment value using the following formula: and displays the future investment value using the following formula:
futureInvestmentValue = investmentAmount * (1 + monthlyInterestRate)^(numberOfYears*12)
For example, if you enter amount 1000, annual interest rate 3.25%, and number of years 1, the future investment value is 1032.98.
Hint: Use the Math.pow(a, b) method to compute a raised to the power of b.
Here is a sample run:
Sample 1:
Enter investment amount: 1000
Enter annual interest rate: 4.25
Enter number of years: 1
Accumulated value is 1043.34
Sample 2:
Enter investment amount: 1000
Enter annual interest rate: 4.25
Enter number of years: 1
Accumulated value is 1043.34
```java
import java.util.Scanner;
public class FutureInvestmentValue {
public static void main(String[] args) {
Scanner scanner = new Scanner(System.in);
System.out.print("Enter investment amount: ");
double investmentAmount = scanner.nextDouble();
System.out.print("Enter annual interest rate: ");
double annualInterestRate = scanner.nextDouble();
System.out.print("Enter number of years: ");
int numberOfYears = scanner.nextInt();
double monthlyInterestRate = annualInterestRate / 12 / 100;
double futureInvestmentValue = investmentAmount * Math.pow(1 + monthlyInterestRate, numberOfYears * 12);
System.out.printf("Accumulated value is %.2f\n", futureInvestmentValue);
scanner.close();
}
}
```
Explanation:
1. We use the Scanner class to read in the investment amount, annual interest rate, and number of years from the user.
2. We calculate the monthly interest rate by dividing the annual interest rate by 12 and then by 100 to convert it into a decimal.
3. We use the formula `futureInvestmentValue = investmentAmount * Math.pow(1 + monthlyInterestRate, numberOfYears * 12)` to calculate the future investment value.
4. We use the System.out.printf method to display the future investment value with two decimal places.