Question

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:
(i) Term Deposit
(ii) Recurring Deposit

For option (i) accept principal(P), rate of interest(r) and time period in years(n). Calculate and output the maturity amount(A) receivable using the Formula:

P(1+r/100)ⁿ

For option (ii) 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

Pn+(P(n(n+1))/2)(r/100)*(1/12)

For an incorrect option, an appropriate error message should be displayed.

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Code

				
					import java.util.Scanner;

public class program8
{
    public static void main(String[] args)
    {
        int choice=0;
        double maturityAmount=0;
        Scanner sc = new Scanner(System.in);
        System.out.println("Press 1 for Term Deposit");
        System.out.println("Press 2 for Recurring Deposit");
        System.out.print("Enter your choice: ");
        choice = sc.nextInt();
        switch (choice)
        {
            case 1:
            System.out.print("Enter principal: ");
            double P1 = sc.nextDouble();
            System.out.print("Enter rate of interest: ");
            double r1 = sc.nextDouble();
            System.out.print("Enter period in years: ");
            double n1 = sc.nextDouble();
            /* maturity amount = p*((1+r1)/100)^n1 */
            maturityAmount = P1 * Math.pow(1 + r1 / 100.0, n1);
            System.out.println("Maturity Amount is " + maturityAmount);
            break;
            case 2:
            System.out.print("Enter monthly installment: ");
            double P2 = sc.nextDouble();
            System.out.print("Enter rate of interest: ");
            double r2 = sc.nextDouble();
            System.out.print("Enter period in months: ");
            double n2 = sc.nextDouble();
            /* Maturity amount=p2 *n2 +p2*(n2*(n2+1)/2)*(r2/100)*(1/12) */
            maturityAmount = P2 * n2 + P2 * (n2 * (n2 + 1) / 2.0) * (r2 / 100.0) * (1.0 / 12);
            System.out.println("Maturity Amount is " + maturityAmount);
            break;
            default:
            System.out.println("Invalid choice");
        }
    }
}