Write a program that reads a bank account balance and an interest rate and displays the value of the account in ten years. The output should show the value of the account for three different methods of compounding interest: annually, monthly, and daily. When compounded annually, the interest is added once per year at the end of the year. When compounded monthly, the interest is added 12 times per year. When computed daily, the interest is added 365 times per year. You do not have to worry about leap years; assume that all years have 365 days. For annual interest, you can assume that the 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. Similarly, you can assu
This project is a bank account problem, so it requires the same consideration about money calculations as the mortgage problem in Chapter 2. The round function in Java will not be introduced until later, so a discussion of the special problems associated with money calculations may be postponed until then. One solution in this manual, BankAccount.java, takes a simplistic approach, uses floating point values and does not round to the nearest penny. For contrast, a second program, BankAccount2.java, which deals with the rounding problem (without using Java’s round function), is also provided.
See the code in BankAccount.java and BankAccount2.java.
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