Question

I wrote a simple program that receives several inputs and it does a future investment calculation.

However, for some reason, when I enter the following values:
investment = 1
interest = 5
year = 1

I get Your future value is 65.34496113081846 when it should be 1.05.

import java.util.*;

public class futurevalue
{
  public static void main(String[] args) 
  {

    Scanner sc = new Scanner(System.in);

    System.out.println("This program will calculate your future investment value"); 

    System.out.println("Enter investment amount: ");
    double investment = sc.nextDouble();

    System.out.println("Enter annual interest amount: ");
    double interest = sc.nextDouble();

    System.out.println("Enter number of years: ");
    int year = sc.nextInt();


    double futureValue = investment * (Math.pow(1 + interest, year*12));

    System.out.println("Your future value is " + futureValue);


  }
}

Found my mistake. I divided my interest twice.

Answer 1

You should divide your interest by 100.