Elementary Programming; Exercise No. 11

Suppose you save  $100 each month into a savings account with the annual interest rate 5%. Thus, the monthly inter est rate is 0.05/12 = 0.00417.
After the first month, the value in the account becomes 100 * (1 + 0.00417) = 100.417
After the second month, the value in the account becomes (100 + 100.417) * (1 + 0.00417) = 201.252
After the third month, the value in the account becomes (100 + 201.252) * (1 + 0.00417) = 302.507 and so on.
Write a program that prompts the user to enter a monthly saving amount and displays the account value after the sixth month without loops.

Solution:

public static void main(String[] args) {
   Scanner s = new Scanner(System.in);
   double monthlyAmount, value;
   final double INTEREST = 0.00417;

   System.out.print("Enter the monthly saving amount:");
   monthlyAmount = s.nextDouble();

   value = monthlyAmount * (1 + INTEREST); //after the first month
   value = (100 + value) * (1 + INTEREST); //after the second month
   value = (100 + value) * (1 + INTEREST); //after the third month
   value = (100 + value) * (1 + INTEREST); //after the fourth month
   value = (100 + value) * (1 + INTEREST); //after the fifth month
   value = (100 + value) * (1 + INTEREST); //after the sixth month

   System.out.print("After the sixth month, the account value is: " + value);
}