QuestionQuestion

Write a program that reads a bank account balance and an interest rate and display the value of the account in ten years. The output should show the value of the account for three different methods of compounding interest: (A) Annually, (B) monthly, (C) and daily.

(A)   When compounded annually, the Interest is added once per year at the end of the year.
(B)   When compounded monthly, the interest is added 12 times per year.
(C)   When computed daily, the interest is added 365 times per year.

(1)    You do not have to worry about leap years; assume that all years have 365 days.
(2)    For annual interest, you can assume that interest is posted exactly one year from the date of deposit. In other words, you do not have to worry about interest being posted on a specific day of the year, such as December 31.
(3)    Similarly, you can assume that monthly interest is posted exactly one month after it is deposited. Since the account earns interest on the interest, it should have a higher balance when interest is posted more frequently.
(4)    Be sure to adjust the interest rate for the time period of the interest. If the rate is 5 percent, you use 5/12 percent when posting monthly interest and 5/365 percent when posting daily interest.
(5)    Perform this calculation using a loop that adds in the interest for each time period, that is, do not use some sort of algebraic formula.
(6)    Your program should have an outer loop that allows the user to repeat this calculation for a new balance and interest rate.
(7)    The calculation is repeated until the user asks to end the program.

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import java.util.Scanner;

public class BankInterest
{

public static void main(String[] args)
{
Scanner in = new Scanner(System.in);

int userWantsToContinue = 1;

while (userWantsToContinue != -1)
{
System.out.print("Please enter the bank account balance: ");
double balance = in.nextDouble();

System.out.print("Please enter the interest rate as a percentage, e.g. 5 for 5%: ");
double interestRate = in.nextDouble() / 100;

double totalWithAnnually = balance;
double totalWithMonthly = balance;
double totalWithDaily = balance;
int totalYearsApplied = 0;

// looping through every day of a 10 year interval
for(int i = 1; i <= 365 * 10; i++)
{...
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