Write a method that computes future investment value at a given

 

 

6.7 (Financial application: compute the future  investment value) Write a method that computes future investment value  at a given interest rate for a specified number of years. The future  investment is determined using the formula in Programming Exercise 2.21.  Use the following method header: public static double  futureInvestmentValue(double investmentAmount, double  monthlyInterestRate, int years) For example,  futureInvestmentValue(10000, 0.05/12, 5) returns 12833.59. Write a  program that prompts the user to enter the investment amount (e.g.,  1000) and the interest rate (e.g., 9%) and prints a table that displays  future value for the years from 1 to 30, as shown below. First, truncate  the future value values to two decimals (See Chapter 2). Then use the  System.out.printf() method to format the output (See Chapter 4). 
 

Program name:

  Lab06.java
 

Sample Runs:

The amount invested: 1000

Annual interest rate: 5

Years      Future Value 

1              1051.16 

2             1104.94 

3             1161.47 

4             1220.89 

5             1283.35 

6             1349.01 

7             1418.03 

8             1490.58 

9             1566.84 

10            1647.00 

11            1731.27 

12            1819.84 

13            1912.95 

14            2010.82 

15            2113.70 

16            2221.84 

17            2335.51 

18            2455.00 

19            2580.61 

20            2712.64 

21            2851.42 

22            2997.30 

23            3150.65 

24            3311.84 

25            3481.29 

26            3659.39 

27            3846.62 

28            4043.42 

29            4250.29 

30            4467.74