Question

Create a .java file that has class SavingsAccount. Use a static variable annualInterestRate to store the annual interest rate for all account holders. Each object of the class contains a private instance variable savingsBalance indicating the amount the saver currently has on deposit. Provide method calculateMonthlyInterest to calculate the monthly interest by multiplying the savingsBalance by annualInterestRate divided by 12- this interest should be added to savingsBalance. Provide a static method setInterestRate that sets the annualInterestRate to a new value. There should also be a method setSavingsBalance to set the initial savings balance for a new saver or you can do it through a constructor.

Write a program to test class SavingsAccount. Instantiate two SavingsAccount objects, saver1 and saver2, with balances of $2000.00 and $3000.00, respectively. Set annualInterestRate to 4%, then calculate the monthly interest for 12 months and print the new balances for both savers. Next, set the annualInterestRate to 5%, calculate the next month's interest and print the new balances for both savers.

Put the code to test the class in the main method of the Savings Account Class. The output of your program should look like the following:

х Untitled - Notepad File Edit Format View Help savings Account Balances Saver1 2006. 67 2013.36 2020.07 2026. 80 2033. 56 2040. 33 2047.14 2053. 96 2060. 81 2067.68 2074. 57 2081.48 2090.16 Month 1 2 Saver 2 3010.00 3020.03 3030.10 3040. 20 3050. 33 3060. 50 3070.70 3080.94 3091. 21 3101.51 3111.85 3122.22 3135.23 4 5 7 8 10 11 12 13 유교끄ㅋ HNML

Answer 1

`Hey,

Note: Brother if you have any queries related the answer please do comment. I would be very happy to resolve all your queries.

class SavingsAccount {

//variable to store annual interest rate
static private double annualInterestRate;
private double savingBalance;

//constructor method
public SavingsAccount()
{
this.savingBalance=0;
}
//Constructor method
public SavingsAccount(double savingBalance)
{
this.savingBalance=savingBalance;
}
//Get saving balance
public double getSavingBalance()
{
return this.savingBalance;
}
public double[] getMonthsSavingBalance(int total_months)
{
double[] monthlyI_month=new double[total_months];
double monthlyI;
for(int i=0;i<total_months;i++)
{
monthlyI= (double)(this.savingBalance*annualInterestRate/12);
this.savingBalance+=monthlyI;
monthlyI_month[i]=this.savingBalance;
}
return monthlyI_month;
}
// Modify interest rate by setting annual interest rate to a new value
public static void modifyInterestRate(double newInterestRate)
{
annualInterestRate=newInterestRate;
}
//Method to calculate monthly interest
public void calculateMonthlyInterest()
{
double monthlyI;
monthlyI= (double)(this.savingBalance*annualInterestRate/12);
this.savingBalance+=monthlyI;
}
}
public class TestSavingAccount {

public TestSavingAccount() {
}
public static void main(String[] args)
{
SavingsAccount saver1,saver2;
saver1 = new SavingsAccount (2000.0);
saver2 = new SavingsAccount (3000.0);
int total = 0;
SavingsAccount.modifyInterestRate (0.04);
int total_month=12; // Show Complete Balance Till 12 Month
double[] balance_month=saver1.getMonthsSavingBalance(total_month); // I have added This Function that will calculate till which month you want
System.out.println("Savings Account Balance");
System.out.printf("Month\tSaver1\tSaver2\n");
double[] balance_month1=saver2.getMonthsSavingBalance(12);
for(int i=0;i<total_month;i++)
{
System.out.printf("%d\t%.2f\t%.2f\n",(i+1),balance_month[i],balance_month1[i]);
}


SavingsAccount.modifyInterestRate(0.05);
balance_month=saver1.getMonthsSavingBalance(12);   
balance_month1=saver2.getMonthsSavingBalance(12); // I have added This Function that will calculate till which month you want

for(int i=0;i<total_month;i++)
{
System.out.printf("%d\t%.2f\t%.2f\n",(i+13),balance_month[i],balance_month1[i]);
}


  
}
}

Kindly revert for any queries

Thanks.