Chapter 2 Exercise 13, Introduction to Java Programming, Tenth Edition Y. Daniel LiangY.

(Financial application: compound value) Suppose you save $100 each month into a savings account with the annual interest rate 5%. Thus, the monthly interest 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. (In Exercise 5.30, you will use a loop to simplify the code and display the account value for any month.)

import java.util.Scanner;
 
public class ProgramEx2_13 {
 public static void main(String[] args) {
 
  Scanner input = new Scanner(System.in);
 
  System.out.print("Enter the monthly saving amount:");
  double ini = input.nextDouble();
  double accum = 0;
  accum = (ini + accum) * 1.00417;
  accum = (ini + accum) * 1.00417;
  accum = (ini + accum) * 1.00417;
  accum = (ini + accum) * 1.00417;
  accum = (ini + accum) * 1.00417;
  accum = (ini + accum) * 1.00417;
 
  System.out
    .print("After the sixth month, the account value is " + accum);
 
 }
}