Write a program that calculates the future value of an investment at a given interest rate for a specified number of years. The formula for the calculation is as follows:futureValue = investmentAmount * (1 + monthlyInterestRate)years*12

Write a program that calculates the future value of an investment at a given interest rate for a specified number of years. The formula for the calculation is as follows:

futureValue = investmentAmount * (1 + monthlyInterestRate) ^ years * 12

Note: Allow users to enter the values of the investmentAmount, monthlyInterestRate and years from standard input.

Assume the number of years is always a whole number.

//import the Scanner class

import java.util.Scanner;

//Class header definition

public class FutureValue{

    //Main method definition

    public static void main(String []args){

       //Create an object of the Scanner class

       Scanner input = new Scanner(System.in);

       //Prompt the user to enter the investment amount

       System.out.println("Enter the investment amount");

       //Store the input in a double variable called investmentAmount

       double investmentAmount = input.nextDouble();

       //Next, prompt the user to enter the interest rate

       System.out.println("Enter the interest rate in percentage");

       //Store the input in a double variable called interestRate

       double interestRate = input.nextDouble();

       //Convert the interest rate to decimal by multiplying by 0.01

       interestRate *= 0.01;

       //Convert the interest rate to monthly interest rate by dividing the

       //result above by 12

       double monthlyInterestRate = interestRate / 12;

       //Prompt the user to enter the number of years

       System.out.println("Enter the number of years");

       //Store the input in an integer variable called years

       int years = input.nextInt();

       //Using the given formula, find the future value

      double futureValue =  investmentAmount * Math.pow(1 + monthlyInterestRate, years * 12);

       //Print out the future value

      System.out.println("Future value : " + futureValue);

    } //End of main method

}  // End of class definition

>> Enter the investment amount

1000

>> Enter the interest rate in percentage

10

>> Enter the number of years

5

Future value : 1645.3089347785854

The code above has been written using Java. The code contains comments explaining every line of the code. Please go through the comments. The actual lines of code have been written in bold-face to distinguish them from comments. A sample output has also been provided as a result of a run of the code.

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