Chapter 4, Problem 2E

Algorithm to develop a monthly balance sheet:

Step 1: First, get initial deposit amount from the user.

Step 2: For each month, calculate the interest amount which is done dividing the yearly percentage rate by 12.

Step 3: For each month, get the type of transaction the user wants to do.

Step 4: If the user wants to deposit, then get the deposit amount and calculate the balance amount by adding deposit amount and balance amount.

Step 5: If the user wants to withdraw amount, then get the deposit amount and calculate the balance amount by subtracting withdraw amount from balance amount.

Step 6: Print the balance amount for that month.

Step 7: Repeat the same process for each month using “for” loop.

Program:

//Import required package

import java.util.Scanner;

import java.text.DecimalFormat;

//Define the Main class

public class Main

{

    //Define main method

    public static void main(String[] args)

    {

        //Declare required variables

double balanceAmt = 0, depositAmt, withdrawAmt, interestAmt;

        double numOfMonths = 12, rate = 5;

        String transaction, t;

        //Create an object for decimal format

        DecimalFormat df = new DecimalFormat(".##");

        //Create an object for scanner class

        Scanner sc = new Scanner(System.in);

        //Get the initial deposit amount

System.out.print("Enter the initial deposit amount: ");

        balanceAmt = sc.nextDouble();

        //Print the starting balance

System.out.println("Your initial balance is: " + balanceAmt);

        //Loop from 1 through 12

        for(int i = 1; i <= numOfMonths; i++)

        {

            //Calculate interest amount

             interestAmt = ((rate/numOfMonths)*100);

             //Calculate balance amount

             balanceAmt += interestAmt;

             //Print the month number

             System.out.println("\nMonth " + i);

             //Print the intereset amount

System.out.println("\nInterest amount for month " + i + " is: " + df.format(interestAmt));

//Print the balance amount after adding interest amount

System.out.println("Balance after adding interest is: " + df.format(balanceAmt));

             //Get the character for transaction

System.out.print("\nWhat type of transaction you like to make?\nPress 'd' to deposit and 'w' to withdraw: ");

             transaction = sc.next();

             //Check if the 1st character is d

             if(transaction...