COSC 1336 Lab 3: Computing Future Values The FutureValues Class

Objectives

Call methods with parameters and return values.Use the Math class.Use Scanner to input values.

Hand-in Requirements

All projects and laboratories will be submitted electronically through Canvas. Zip up your entire lab directory to submit as the source. (Right click on the lab folder and followSend To > Compressed (zipped) Folder or 7-Zip > Add to “lab3.zip”.) The lab folder should include the following:

FutureValues.javaFutureValuesOutput.txt

Tasks

Write a program that printsLab 3 written by YOURNAME

and calls two methods.

1.Compute and return the future value of an account based on the present value of the account, the interest rate, and the number of years.2.Compute and return the future value of an annuity based on the payment per year, the interest rate, and the number of years.

For each method, the main method needs to obtain input from the user, call the method with the input values, save the result of the method in a local variable, and print the inputs and the result.

DetailsFuture Value Using Compound Interest

If thepresent valueof an account is $1000 and the interest rate is 5%, then after one year, the account will increase by $50 (5% of $1000). In the second year, the interest

applies to all $1050, so the account will increase by $52.50 (5% of $1050). Getting future interest on past interest is calledcompound interest. A general formula for future value assumingpis the present value,ris the interest rate, andyis the number of years is:

future value =p* (1 r/100)yYour method should have the following characteristics:

It should have three double parameters:present value

interest rate

number of yearsIt should return a double, the future value.It should use Math.pow in the calculation.It shouldnothave any print statements. The main method should do all the printing.

For examples with similar characteristics, see the hypotenuse method in the book and the max3 method in the lecture notes.

Future Value of an Annuity

For a typical annuity, you pay a certain amount every year (or some other period of time) for so many years, and an interest rate is applied to your payments. It’s like a bank account where you deposit money regularly and wait several years to withdraw anything. In return, you are guaranteed a certain interest rate.

For example, suppose the payment is $100 by the end of each year and the interest rate is 5%. In the first year, your annuity will be worth $100. In the second year, you get $5 interest (5% of $100), and you make a payment of $100, so the annuity will be worth $205 after two years. In the third year, you get $10.25 interest (5% of $205), and you make another payment of $100, so the annuity will be worth $315.25 after three years.

A general formula for the future value of an annuity assumingpis the yearly payment,ris the interest rate, andyis the number of years is:

future value =p*

(1 r/100)y 1

r/100Your method should have the following characteristics:

It should have three double parameters:yearly payment

interest rate

number of yearsIt should return a double, the future value.It should use Math.pow in the calculation.It shouldnothave any print statements. The main method should do all the printing.

For examples with similar characteristics, see the hypotenuse method in the book and the max3 method in the lecture notes.

Printing Money

When you are printing doubles, you will find out that Java often prints a lot of decimal places. To print out your monetary amounts as reasonable looking Strings, try the following method in your lab.

// Returns a String $dollars.cents rounded to the nearest cent. // For example, moneyString(12.3456) returns “$12.35”. public static String moneyString(double amount) {

DecimalFormat dollarsAndCents = new DecimalFormat(“$

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