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  • JAVA program to calculate compound interest annually, semi-annually, quarterly, monthly and daily

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    problem : a Java program interest.class that calculates the total interest income on amount Taka 5 Lakhs in a period of 10 years. Show the results for simple interest, compounded interest when the compounding is done annually, semi-annually, quarterly, monthly and daily. Assume that the interest rate is 3.5% per year.

    I have tried this way,

    public class interest {
    
        /*
        If interest is compounded yearly, then n = 1;
        if semi-annually, then n = 2;
         quarterly, then n = 4;
          monthly, then n = 12;
           weekly, then n = 52;
            daily, then n = 365;
             and so forth, regardless of the number of years involved.
              Also, "t" must be expressed in years, because interest rates are expressed that way.
         */
    
        public void calculate(int p, int t, double r, int n) {
            double sinterest = ((500000 * 3.5 * 10) / 100);
            double amount = p * Math.pow(1 + (r / n), n * t);
            double cinterest = amount - p;
    
            System.out.println("Simple interest on Taka. 500000.00 in " + t + " years=TK "+sinterest);
            System.out.println("Compound Interest after " + t + " years: "+cinterest);
            System.out.println("Amount after " + t + " years: "+amount);
        }
        public static void main(String args[]) {
            interest obj = new interest();
            obj.calculate(500000, 10, 0.035, 4);
        }
    }

     

    output:

    Simple interest on Taka. 500000.00 in 10 years=TK 175000.0
    Compound Interest after 10 years: 208454.41896556818
    Amount after 10 years: 708454.4189655682

    Process finished with exit code 0

     

     

    Expected output:
    Simple interest on Taka. 500000.00 in 10 years = Taka. 175000.00
    Interest on Taka. 500000.00 in 10 years compounded annually = Taka. 205299.38
    Interest on Taka. 500000.00 in 10 years compounded semi-annually = Taka. 207389.10
    Interest on Taka. 500000.00 in 10 years compounded quarterly = Taka. 208454.42
    Interest on Taka. 500000.00 in 10 years compounded monthly = Taka. 209172.41
    Interest on Taka. 500000.00 in 10 years compounded daily = Taka. 209521.87

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