Question

Using the code below: rate an input value from the user: (prompt user to input rate, double value). Then run the program

package mypackage;
public class Interest {
public static void main(String[] args) {
double principal = 1000.0;
double rate = 0.05;
System.out.printf("%s%20s%n" , "Year", "Amount of deposit");
for ( int year = 1; year <= 10; ++year) {
double amount = principal * Math.pow(1.0 + rate, year);
System.out.printf("%4d%,20.2f%n" , year, amount);
}
}
}

Answer 1

To prompt the user for an input value for the rate, a Scanner object is needed. After importing Scanner, create an instance, prompt for the rate, read the input, and close the scanner to avoid resource leaks.

Step-by-step explanation:

To modify the code provided so that it prompts the user for an input value for the interest rate, we need to use a Scanner object which is part of the java.util package. Below is a step-by-step explanation on how to implement the user input feature:

• First, import the Scanner class at the start of your code by adding import java.util.Scanner;.
• Next, create a Scanner object within the main method to read user input. Example: Scanner scanner = new Scanner(System.in);
• Prompt the user to input the interest rate with System.out.println("Enter the interest rate:");
• Read the double value input by the user with double rate = scanner.nextDouble();.
• Make sure to close the scanner at the end of the program to avoid a resource leak with scanner.close();.

When you run the program, it will prompt the user to enter the interest rate and calculate the compound interest over the specified period (e.g., 10 years) accordingly. Here's an example of calculating simple interest for a $100 deposit at a 5% rate held for one year:

Step 2. Practice using the simple interest formula.
Example 1: $100 Deposit at a simple interest rate of 5% held for one year is:
$100 × 0.05 × 1 = $5