Question

Write an application that calculates and displays the amount of money a user would have if his/her money could be invested at 5% interest for one year. Create a method that prompts the user for the starting value of the investment and returns it to the calling program. Call a separate method to do the calculation and return the result to be displayed. Save the program as Interest.java

Answer 1

Answer:

// Application in java.

// package

import java.util.*;

// class definition

class Main

{

  // method for calculating interest

  public static float calculateInterest(float start_bal,float i_Rate)

  {

  // calculate return

     float return_Amount=start_bal+(start_bal*(i_Rate/100));

     // return

    return return_Amount;

  }

// main method of the class

public static void main (String[] args) throws java.lang.Exception

{

   try{

         // scanner Object to read the input

         Scanner sc = new Scanner(System.in);

         // variables

         float start_bal;

         float i_Rate=5;

         // ask to enter start money

        System.out.print("Enter start money:");

        // read start money

        start_bal=sc.nextFloat();

        // call the function and print the return amount

        System.out.println("5% interest earned on $" + start_bal + " after one year is $" + calculateInterest(start_bal,i_Rate));

   }catch(Exception ex){

       return;}

}

}

Explanation:

Declare and initialize interest rate with 5.Then read the start money from user.Then call the method calculateInterest() with parameter start_bal and i_Rate.It will calculate the return amount after 1 year.Print the returned amount in main method.

Output:

Enter start money:1500

5% interest earned on $1500.0 after one year is $1575.0