Question

8.40 Lab 8e: BankBalance

Introduction

For this lab, you will use a do-while loop to complete the task.

A do-while loop has this basic structure:

/* variable initializations */
do{
    /* statements to be performed multiple times */
    /* make sure the variable that the stop condition relies on is changed inside the loop. */
}
while (/*stop condition*/);

Despite the structure of the do-while loop being different than that of a for loop and a while loop, the concept behind it is still very similar. The main distinction is that the do-while loop goes through at least one iteration regardless of the stopping condition.

Task

This program will determine the bank balance of every year until the user enters a stopping condition. The stopping condition in this case is when the user input is anything other than 1. The balance of each year can be calculated with the following equation:

balance=balance+balance∗interestRate

The interest rate will be a final variable with the value of 0.03.

Example input:

3000
1
0

Example output:

Enter initial bank balance: 
After year 1 at 0.03 interest rate, balance is $3090.0
Do you want to see the balance at the end of another year?
Enter 1 for yes or any other number for no: 
After year 2 at 0.03 interest rate, balance is $3182.6999999999996
Do you want to see the balance at the end of another year?
Enter 1 for yes or any other number for no:

Answer 1

Please find the answer below.
Please do comments in case of any issue. Also, don't forget to rate the question. Thank You So Much.

BankBalance.java

package c15;

import java.util.Scanner;

public class BankBalance {
   public static void main(String[] args) {
       Scanner sc = new Scanner(System.in);
       System.out.print("Enter initial bank balance: ");
       double bal = sc.nextDouble();
       final double interesetRate = 0.03;
       int month=1;
       int choice;
       do {
           bal = bal * (1+interesetRate);
           System.out.printf("After year %d at 0.03 interest rate, balance is $%.1f",month,bal);
           System.out.println("\nDo you want to see the balance at the end of another year?\n" +
                   "Enter 1 for yes or any other number for no:");
           choice = sc.nextInt();
           if(choice!=1) {
               break;
           }
       }while(true);
   }
}