ITSS 3311.501-OPRE 3311.501 - Introduction to Programming, Spring 2023Project 1

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ITSS 3311.501-OPRE 3311.501 - Introduction to Programming, Spring 2023Project 1

Maximum points: 10

Due: 5:30 pm on February 15th, 2023

Project 1: Calculating Future Investment Value

Problem Description:

Write a program in Java that reads in: (i) investment amount, (ii) annual interest rate, and (iii) number of years from the keyboard and calculates the future investment value using the      following formulae:

number0fMonths = number0fYears × 12

monthlyInterestRate =

futureInvestmentValue = investmentAmount × (1 + monthlyInterestRate)numberOfMonths

Sample Run:

Enter investment amount: 1000

Enter annual interest rate in percentage points (e.g., 2.25 for 2.25%): 2.25

Enter the number of years: 2

The value of $1000.0 after 2 years is $1045.9837866210664

Hints:

1.  Import the Scanner class from the java.util package to read the three input variables.

2.  Declare variables as“double”or“int”appropriately.

3.  Use the Math.pow(a, b) function to compute ab .

4.  Use the sample run in the instructions to test your program to make sure it is correct

before you submit.

Deliverables:

Your .java file including:

1.  A sample run at the top with investment amount of $2023.50, annual interest rate of 5.5%, and 4 years. The four lines of the output (similar to those shown in the sample run above) should be inserted as a comment on the top of the Java code (before the import and class statements). (2 points)

2.  Your code with other appropriate comments. (Code: 6 points, Comments: 2 points)