Recurring Deposit Calculator: ICSE Class X

To boost the savings among the people of small and middle income groups, there are recurring (or cumulative) time deposit schemes in banks and post offices. Under this scheme, an investor deposits a fixed amount (in multiples of 5) every month for a specified number of months (usually, in multiples of 3) and on expiry of this period (called maturity period), he gets the amount deposited by him together with the interest (usually, compounded quarterly at a fixed rate) due to him. The amount received by the investor on the expiry of the specified period is called maturity value. The rate of interest is revised from time to time.

ENTER THE AMOUNT DEPOSITED PER MONTH:

ENTER THE TOTAL PERIOD IN MONTHS:

ENTER THE RATE OF INTEREST (PER ANNUM):

amountPerMonth = int(input("ENTER THE AMOUNT DEPOSITED PER MONTH:"))

numberOfMonths = int(input("ENTER THE TOTAL PERIOD IN MONTHS:"))

rateOfInterest = int(input("ENTER THE RATE OF INTEREST (PER ANNUM):"))

totalInterest = 0

for i in range(numberOfMonths,1,-1):

    totalInterest += (amountPerMonth*(rateOfInterest/100)*(1/12))*i

maturityAmount = (amountPerMonth*numberOfMonths)+totalInterest

print("Total amount invested by you:",(amountPerMonth*numberOfMonths))

print("Total interest earned:",totalInterest)

print("Your maturity value (M.V):",maturityAmount)

 

 import java.util.Scanner;

public class RecurringDeposit {

       public static void main(String[] args) {

              Scanner in = new Scanner(System.in);

              float amountPerMonth;

              int numberOfMonths;

              float rateOfInterest;

              float maturityAmount = 0;

              System.out.println("ENTER THE AMOUNT DEPOSITED PER MONTH:");

              amountPerMonth = in.nextFloat();

              System.out.println("ENTER THE TOTAL PERIOD IN MONTHS:");

              numberOfMonths = in.nextInt();

              System.out.println("ENTER THE RATE OF INTEREST (PER ANNUM):");

              rateOfInterest = in.nextFloat();

              float totalInterest = 0;

              for (int i = numberOfMonths; i >= 1; i--)

                  totalInterest += (amountPerMonth*(rateOfInterest/100.0)*(1.0/12.0))*i;

              maturityAmount = (amountPerMonth*numberOfMonths)+totalInterest;

              System.out.println("Total amount invested by you:"+(amountPerMonth*numberOfMonths));

              System.out.println("Total interest earned:"+totalInterest);

              System.out.println("Your maturity value (M.V):"+maturityAmount);

       }

}