Thread: for loop assistance

Hello all. I will not try to skip around and just say it flat out. I need help with some homework. I need to write two loops for a program, and right now I am attempting to code a for loop for the program that will calculate the value of an investment after so many years.
I have it all written, and the sytnax is good ( I think, I get no errors) but something in the logic of my code is wrong, because when I change how many iterations my loop has I get the same amount, or zero.
I have been told in learning programming that many times a second opinion can help, so if anyone can lend a hand, it would be most appreciated.

here is the loop I am using

 
 for ( month = 1; month < 59; month++)
      {
          answer1 = (amount + (amount * 1.05));
      }

and here is the code

 
// This application performs a simple analysis on an growing investment
 
import javax.swing.JOptionPane;
import java.text.DecimalFormat;    
 
public class InvestGrowth
{
   public static void main( String args[] )
   {
      double answer1, amount;
      int answer2, month;
 
      DecimalFormat twoDigits = new DecimalFormat( "0.00" );
 
      // Assuming an investment of $1000 at 5% per month, this
      // loop calculates the value of the investment after 5 years
      answer1 = 0.0;
      amount =(1000*1.05);
 
      for ( month = 1; month < 59; month++)
      {
          answer1 = (amount + (amount * 1.05));
      }
 
      // Assuming an investment of $1000 at 5% per month, this
      // loop calculates how long it will take until the investment
      // reaches $1 million.
 
      answer2 = 0;
 
 
 
      JOptionPane.showMessageDialog(null, 
            "$1000 compounding a 5% per month is valued at $" +
            twoDigits.format(answer1) + "\n" +
            "It takes " + answer2 + " months to reach $1 million");
 
      System.exit(0);
 
   }  // end main
 
}  // end class BactGrowth

To explain some things, I used only 59 months and started at 1 because I set amount at 1000 * 1.05 already, for the first months calculation instead of starting at 0 and 60.

When you post, please be sure to ask a specific question. Short of reading a question, we are left to read every part of your program, try to determine what you want it to do, and try to determine where you went wrong. Asking a question saves much time.

I apologize, I have been at this for a while. Essentially I cannot get my for loop to work correctly and calculate the investment after so many iterations of the for loop, and when I try to change values of the amount of iterations, i get the same answer, or I get zero, so the only conclusion I can come to is that it is not doing all the iterations. My question is where did I go wrong and how can I fix it?