Calculating compound interest.

Question:

How can you calculate compound interest in java?

Answer:

Formula: amount = principal (1+rate)^years

Java: amount = principal * Math.pow(1+rate, years)

Code:

import java.util.Scanner; 
 
public class Interest {
 
   public static void main(String[] args) {
 
      Scanner in = new Scanner( System.in );  
 
      double principal; 
      double rate; 
      double interest;
 
      System.out.print("Enter the initial investment: ");
      principal = in.nextDouble();
 
      System.out.print("Enter the annual interest rate: ");
      rate = in.nextDouble();
 
      System.out.print("Please enter the number of years: "); 
      int years = in.nextInt(); 
 
      principal = principal * Math.pow(1+rate, years);
 
      System.out.print("The future value: ");
      System.out.printf("%.2f\n", principal); 
   } 
}

Output:

$ java Interest 
Enter the initial investment: 100.00
Enter the annual interest rate: .05
Please enter the number of years: 10
The future value: 162.89