Question

Using Java language

3. Create an interface Interest. It should have two methods, compound interest and simple interest. Make Savings Account implement Interest. A,R,T can be parameters. • A = initial amount, R = interest rate, T = time in years compound interest = A*(1 + • simple interest = A.R T

Answer 1

//interface
interface Interest
{
public double compoundInterest();
public double simpleInterest();
}

//saving account class
class SavingAccount implements Interest
{
//data member declaration
double A;
double R;
double T;
  
//default constructor
SavingAccount()
{
A = 0;
R = 0;
T = 0;
}
  
//parameterize constructor
SavingAccount(double amount, double rate, double time)
{
A = amount;
R = rate;
T = time;
}
  
//method to calculate compund interest
public double compoundInterest()
{
double compInterest;
compInterest = A * Math.pow(1 + R / 100, T);
compInterest = compInterest - A;
return compInterest;
}
  
//method to calculate simple interest
public double simpleInterest()
{
double simpInterest;
simpInterest = A * R * T / 100;
return simpInterest;
}
};

public class Main
{
   public static void main(String[] args)
   {
   //create object
   SavingAccount sa = new SavingAccount(100, 5, 2);
  
   //method calling
   double compInterest = sa.compoundInterest();
   double simpInterest = sa.simpleInterest();
  
   //display the result
       System.out.println("Compound interest is = " + compInterest);
       System.out.println("Simple interest is = " + simpInterest);
   }
}

OUTPUT:

Compound interest is = 10.25 Simple interest is = 10.0