CS 1063 Lab 3: Computing Future Values The FutureValues Class Objectives Call methods with parameters and return values. Use the Math class. Use…

CS 1063 Lab 3: Computing Future ValuesThe FutureValues ClassObjectivesCall methods with parameters and return values.Use the Math class.Use Scanner to input values.Hand-in RequirementsAll projects and laboratories will be submitted electronically through Blackboard. Zip up your entire lab directory to submit as the source. (Right click on the lab folder and follow Send To > Compressed (zipped) Folder or 7-Zip > Add to “lab2.zip”.) The lab folder should include the following:FutureValues.javaFutureValuesOutput.txtTasksWrite a program that printsLab 3 written by YOURNAMEand calls two methods.Compute and return the future value of an account based on the present value of the account, the interest rate, and the number of years.Compute and return the future value of an annuity based on the payment per year, the interest rate, and the number of years.For each method, the main method needs to obtain input from the user, call the method with the input values, save the result of the method in a local variable, and print the inputs and the result.DetailsFuture Value Using Compound InterestIf the present value of an account is $1000 and the interest rate is 5%, then after one year, the account will increase by $50 (5% of $1000). In the second year, the interest applies to all $1050, so the account will increase by $52.50 (5% of $1050). Getting future interest on past interest is called compound interest. A general formula for future value assuming p is the present value, r is the interest rate, and y is the number of years is:future value = p * (1 + r / 100) y Your method should have the following characteristics:It should have three double parameters:present valueinterest ratenumber of yearsIt should return a double, the future value.It should use Math.pow in the calculation.It should not have any print statements. The main method should do all the printing.For examples with similar characteristics, see the hypotenuse method in the book and the max3 method in the lecture notes.Future Value of an AnnuityFor a typical annuity, you pay a certain amount every year (or some other period of time) for so many years, and an interest rate is applied to your payments. It’s like a bank account where you deposit money regularly and wait several years to withdraw anything. In return, you are guaranteed a certain interest rate.For example, suppose the payment is $100 by the end of each year and the interest rate is 5%. In the first year, your annuity will be worth $100. In the second year, you get $5 interest (5% of $100), and you make a payment of $100, so the annuity will be worth $205 after two years. In the third year, you get $10.25 interest (5% of $205), and you make another payment of $100, so the annuity will be worth $315.25 after three years.A general formula for the future value of an annuity assuming p is the yearly payment, r is the interest rate, and y is the number of years is:

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