For This Lab, You Will Implement A Java Program That Uses Se

For This Lab You Will Implement A Java Program That Uses Several Diffe

For this lab you will implement a Java program that uses several different data types and operators. Start Apache NetBeans. Create a new project called Lab 3. Add a java main class called yourlastnameLab3.java with your last name to the project and csci1011.lab3 as the package name. Your program must have the following comments at the top of it:

//

// Sample program to calculate the value of a deposit

// after a year of earning interest.

// CSCI 1011 Lab 3

It then should show a welcome message. It then prompts the user to enter an initial deposit amount. It reads the initial deposit value and assigns it into a double variable. Program then updates the new value of balance by using the following formula: balance = balance + (balance * 0.049); Then the program will show a message like: "With a 4.9% APR your deposit will be worth $Y in one year." Instead of Y you must show the value of balance variable. Run the program and test it with sample input. Do this several times.

Modify the program so it uses a named constant in place of 0.049. Run the program and test it to see if it gives the same values. Modify the interest rate to 0.059. Run the program again and test it to see the values it gives have changed. Did you change the output so it now says 5.9%? If not, make that change and run the program again. Since it would be easier not to have to change the program in two places, declare a new double variable called percent and set its value to 100 times the interest rate. Modify your output statement so it uses the percent variable instead of 5.9. Run the program again and test it to make sure it still works properly.

Add some additional statements to compute what the balance will be after a second year of earning interest and display this result along with the original result. Run the program again and test it to make sure that the new code works. Here is an output of the program: Welcome to (your name)'s interest calculator Please enter your initial deposit amount: 10 With a 5.% APR your deposit will be worth $10.59 in one year. With a 5.% APR your deposit will be worth $11.21481 in two years. Upload the file yourlastnameLab3.java to the drop box folder labeled Lab 3.

Paper For Above instruction

The objective of this lab is to create a Java program that calculates the future value of an initial deposit after one and two years, considering interest rates, and demonstrates mastery of data types, constants, user input, and basic arithmetic operations in Java. The task emphasizes understanding of variables, constants, user prompts, output formatting, and basic program logic necessary for financial calculators.

The program begins with the inclusion of appropriate comments at the top to identify its purpose and course details. It then displays a welcome message and prompts the user for their initial deposit amount, which is read as a double type variable to handle monetary values accurately. To perform interest calculations, a formula is used where the new balance is established by adding interest to the initial deposit: balance = balance + (balance * interestRate). Initially, the interest rate is hard-coded as 0.049 (4.9%), but the program is modified to define this rate as a named constant, improving maintainability and clarity.

Subsequently, the interest rate is changed to 0.059 (5.9%), and the program reflects this change, verifying that the output changes accordingly. To improve flexibility and eliminate hard-coding, a new variable called 'percent' is introduced, which stores the interest rate multiplied by 100, thus representing the percentage interest rate as a whole number for display purposes. The program uses this variable in output messages to clearly communicate the interest percentage.

Further enhancement involves calculating the balance after two years of interest accumulation, which is done by applying the same interest formula twice in succession or by compounding the interest for the second year. The program displays both the first-year and second-year balances, providing a clear picture of growth over multiple periods.

Throughout development, the program is tested multiple times with sample inputs to ensure accuracy and correctness, including verifying output messages and interest calculations after each modification. Proper formatting and clear messaging are essential for usability and understanding.

This exercise reinforces the understanding of variables (double data types), constants, user input, basic arithmetic operations, String output, and program logic—all fundamental elements of Java programming relevant to financial applications and beyond.

References

  • Horstmann, C. (2018). Core Java Volume I--Fundamentals. Prentice Hall.
  • Ashby, R. (2020). Java: An Introduction to Problem Solving and Programming. Springer.
  • Lippman, R., Lajoie, J., & Moo, W. (2012). C++ Primer. Addison-Wesley.
  • Deitel, H., & Deitel, P. (2017). Java How to Program. Pearson.
  • Gaddis, T. (2018). Starting Out with Java: From Control Structures through Data Structures. Pearson.
  • Javameet. (2022). Java Essentials: Variables, Data Types, and Operators. https://javameet.com/variables-types-operators
  • Oracle. (2023). The Java Tutorials. https://docs.oracle.com/javase/tutorial/
  • Complete Java Masterclass. (2021). Java Programming for Beginners. https://completejava.com/beginners-series/
  • Stack Overflow. (Various years). Questions related to Java interest calculations. https://stackoverflow.com/
  • W3Schools. (2023). Java Tutorial. https://www.w3schools.com/java/

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