Question

write a java program that calculates the annual interest rate ( 7%) on a credit card balance of 10,000. how many years will it take for your balance to reach 20,000 or more? use a while loop to continuously calculate the interest rate and add it to the balance until 20,000 is reached. all the variables should be declared and initialized to the values provided.

Answer 1

public class interest_rate {

public static void main(String []args) {

double balance = 10000.0;

int year=1;

while(balance<=20000) {

balance*=1.07;

System.out.println(year + ".year balance: " + (double)Math.round(balance*100)/100+"$\\");

year++;

}

System.out.println("It took " + (year-1) + " years to reach 20.000$ or more.");

}

}