Present Value Calculator Application: A bank wants to show its customers how much they would need to invest to achieve a specified financial goal (future value) in 5, 10, 15, 20,25, and 30 years. users must provide their financial goal (the amount of money desired after a specified number of years has elapsed), an interest rate, and the length of the investment in years. Create an application that calculates and displays the principal (initial amount to invest) needed to achieve the user's financial goal. Your application should allow the user to invest money for 5, 10, 15, 20,25, or 30 years. For example, if a customer want to reach the financial goal of $15,000 over a period of 5 years when the interest rate is 6.6%, the customer would need to invest $10,896.96 as shown below.
The present value calculation formula is given as: where:
p if the amount needed to achieve the future value
r if the annual interest rate (for example 6.6% if equal to 0.066)
n if the number of years
a is the future-value amount.