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Using the switch statement, write a menu driven program to calculate the maturity amount of a Bank Deposit.The user is given the following options:
Term Deposit
Recurring Deposit
For option 1, accept principal (P), rate of interest(r) and time period in years(n). Calculate and output the maturity amount(A) receivable using the formula:
A = P[1 + r / 100]n
For option 2, accept Monthly Installment (P), rate of interest (r) and time period in months (n). Calculate and output the maturity amount (A) receivable using the formula:
A = P x n + P x (n(n+1) / 2) x r / 100 x 1 / 12
For an incorrect option, an appropriate error message should be displayed.
🚀 Programming Example
Using the switch statement, write a menu driven program to calculate the maturity amount of a Bank Deposit.
The user is given the following options:
- Term Deposit
- Recurring Deposit
For option 1, accept principal (P), rate of interest(r) and time period in years(n). Calculate and output the maturity amount(A) receivable using the formula:
A = P[1 + r / 100]n
For option 2, accept Monthly Installment (P), rate of interest (r) and time period in months (n). Calculate and output the maturity amount (A) receivable using the formula:
A = P x n + P x (n(n+1) / 2) x r / 100 x 1 / 12
For an incorrect option, an appropriate error message should be displayed.
Learn this program step-by-step with algorithm, source code, output and detailed explanation.
import java.util.Scanner;
public class RAnsariBankDeposit
{
public static void main(String args[]) {
Scanner in = new Scanner(System.in);
System.out.println("Type 1 for Term Deposit");
System.out.println("Type 2 for Recurring Deposit");
System.out.print("Enter your choice: ");
int ch = in.nextInt();
double p = 0.0, r = 0.0, a = 0.0;
int n = 0;
switch (ch) {
case 1:
System.out.print("Enter Principal: ");
p = in.nextDouble();
System.out.print("Enter Interest Rate: ");
r = in.nextDouble();
System.out.print("Enter time in years: ");
n = in.nextInt();
a = p * Math.pow(1 + r / 100, n);
System.out.println("Maturity amount = " + a);
break;
case 2:
System.out.print("Enter Monthly Installment: ");
p = in.nextDouble();
System.out.print("Enter Interest Rate: ");
r = in.nextDouble();
System.out.print("Enter time in months: ");
n = in.nextInt();
a = p * n + p * ((n * (n + 1)) / 2) * (r / 100) * (1 / 12.0);
System.out.println("Maturity amount = " + a);
break;
default:
System.out.println("Invalid choice");
}
}
}
Type 1 for Term Deposit
Type 2 for Recurring Deposit
Enter your choice: 1
Enter Principal: 10000
Enter Interest Rate: 4
Enter time in years: 3
Maturity amount = 11248.640000000001
Press any key to continue . . .