Question

Write a program that will accept user input for an initial deposit and a total amount the user wants to have, and will output the number of years it will take to reach his/her goal. For the basic program, the user will deposit the initial amount in a new account, and then the account will receive interest, compounded MONTHLY, at a rate of 0.5%.

Answer 1

import java.util.Scanner;

public class AccountDeposit {
   public static void main(String[] args) {
       Scanner sc = new Scanner(System.in);
//       user input for an initial deposit  
//       user will deposit the initial amount in a new account
       System.out.print("Enter an initial deposit :");
       double principle = sc.nextDouble();
//       total amount the user wants to have
       System.out.print("Enter a total amount the you wants to have :");
       double totalAmount = sc.nextDouble();
      
       double time = 0;
//       the account will receive interest, compounded MONTHLY, at a rate of 0.5%.
       double rate = 0.5;
       int yearsCount = 0;
          
       while(true)
/* Calculate compound interest */
{
           double CI = principle * (Math.pow((1 + rate / 100), time));
           if(CI+principle>=totalAmount) break;
           time++;
}
//       the number of years it will take to reach his/her goal
       System.out.println("The number of years it will take to reach your goal is "+(int)(time/12));
  
   }
}