Question

Please do this in PSEUDOCODE.Give a baby $5,000! Did you know that, over the last century, the stock market has returned an average of 10%? You may not care, but you’d better pay attention to this one. If you were to give a newborn baby $5000, put that money in the stock market and NOT add any additional money per year, that money would grow to over $2.9 million by the time that baby is ready for retirement (67 years)! Don’t believe us? Check out the compound interest calculator from MoneyChimp and plug in the numbers! To keep things simple, we’ll calculate interest in a simple way. You take the original amount (called the principle) and add back in a percentage rate of growth (called the interest rate) at the end of the year. For example, if we had $1,000 as our principle and had a 10% rate of growth, the next year we would have $1,100. The year after that, we would have $1,210 (or $1,100 plus 10% of $1,100). However, we usually add in additional money each year which, for simplicity, is included before calculating the interest. Your task is to design (pseudocode) and implement (source) for a program that 1) reads in the principle, additional annual money, years to grow, and interest rate from the user, and 2) print out how much money they have each year. Task 3: think about when you earn the most money! Lesson learned: whether it’s your code or your money, save early and save often… Sample run 1: Enter the principle: 2000 Enter the annual addition: 300 Enter the number of years to grow: 10 Enter the interest rate as a percentage: 10 Year 0: $2000 Year 1: $2530 Year 2: $3113 Year 3: $3754.3 Year 4: $4459.73 Year 5: $5235.7 Year 6: $6089.27 Year 7: $7028.2 Year 8: $8061.02 Year 9: $9197.12 Year 10: $10446.8

Answer 1

Step 1: Start

Step 2: Declare the variable principal (pr), annual addition (amt), rate of interest (rate), interest amount (intamount) of float type, no of years (years) and loop variable i of int type.

Step 3: Ask user to provide the required value and store in respective variables, initialize loop variable to 0

Step 4: if i<=years repeat step 5-8

Step 5: print the principal amount for current year with i value as year

Step 6: Add the annual addition tot the principal amount as pr=pr+amt

Step 7: calculate interest for the current year as intamount=(principal*rate*1)/100 i.e.year will be 1 for each case

Step 8: Add the interest amount to the principal amount to obtain new principal for next year as

principal=principal+intamount

Step 9: increment the value of i as i++

Step 10: Stop

Program:

//importing required class
import java.util.Scanner;

//class definition
public class SavingCalci {
    //main method definition
    public static void main(String[] args) {
        //variable declaration
        double pr, amt, rate, intamt;
        int years=0, i=0;
        Scanner input=new Scanner(System.in);
        //asking for user input
        System.out.print("Enter the principal amount: $");
        pr=input.nextDouble();
        System.out.print("Enter the yearly addition: $");
        amt=input.nextDouble();
        System.out.print("Enter the no of years: ");
        years=input.nextInt();
        System.out.print("Enter the rates (in %): ");
        rate=input.nextDouble();
        //running the loop
        for(i=0;i<=years;i++){
            //printing the details
            System.out.println("Year "+i+": "+pr);
            //incrementing the principle amount
            pr=pr+amt;
            intamt=(pr*rate*1)/100;
            pr=pr+intamt;
        }
    }
}

Output: