This assignment is to read from an input file and process the data for a group of people. Your program calculates the interest and print the details to the monitor, refer to the sample below. Terminate the program when the end of file is reached. In this assignment there is no need to verify data. Write a Java program that accepts an amount of money on deposit and a number of years it has been on deposit. It will determine the interest to be paid on the deposit based on the following schedule:
Time on Deposit Interest Rate
>= 5 years 4.5%
Less than 5 and >=4 years 4%
Less than 4 and >=3 years 3.5%
Less than 3 and >=2 years 2.5%
Less than 2 and >=1 years 2%
Less than 1 year 1.5%
The program will use the entered code to determine number of times compound interest is calculated and paid per year.
Code Number of times calculated
A 4
B 2
C 1
D 12
E 365
Compute the interest using the following formula:
A = P(1+ r/n)^nt
P = principal amount (the initial amount you borrow or deposit).
r = annual rate of interest (as a decimal).
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year.
Example:
An amount of $1,500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly. What is the balance after 6 years?
Solution :
Using the compound interest formula, where P - 1500,- 4.3/100 - 0.043, n = 4, t - 6.
Therefore,
Calculation A - 1500 (1+0.043/4)(4.6)
So, the balance after 6 years is approximately $1,938.84.
Display the original deposit, the interest earned and the new Balance (with interested added to the deposit).
Display the original deposit, the interest earned and the new Balance (with interested added to the deposit).
Your program will prompt user for the name of input file and will process all the data in the file.
Refer to the samples below for input file and output format.
Requirements:
• Prompt user for file names.
• include minimum of 4 Methods, more is OK.
• Use good variable names.
Input file format:
Name
Amount deposited Years Code
Input file sample:
Joseph Cardian III
1800 6
Nancy Brown
6780 10
Sample output 1
Program Number 1
Joe Blake
Computer Science 3
Enter File name: assign3.txt
Name Years Deposit Amount Interest Earned Total
Joseph Kardian III 6 $1500.00 $461.99 $1961.99
Nancy Brown 10 $6780.00 $3835.32 $10615.32
Thank you for using interest calculation program. Have a nice day.
Sample output 2
Program Number 1
Joe Blake
Computer Science 3
Enter File name: abc. txt Could not open file. Program terminated.
Sample output 3
Program Number 1
Joe Blake
Computer Science 3
Enter File name: blank. txt
There was no data in the file. Program terminated.