Description
As part of the newly created Financial Services Java Team, you have been asked to create an application that calculates how much interest will be earned in a simple savings account.
The application will be straight forward. It will ask the user for their initial deposit amount, the annual interest rate, and the number of months for which they intend to leave their savings untouched. The application will then report the final balance after the number of months specified.
The future value (FV) for a simple case like this can be calculated using the following formula:
𝐹𝑉 = 𝑃𝑉 × (1 + 𝑖)𝑛 where n = is the term in number of months, i = monthly interest rate as a decimal (annual interest rate per year divided by 100 divided by 12), and PV = initial savings amount (present value).
Remember, in Java, raising one number to a power is done using Math.pow().
Ask the user for the following information:
- Initial savings amount
- Number of months to save
- Annual interest rate
