Question

Using C++

Please make sure you comment each section of the program so I can better understand it. Thank you!

Assignment Content

1. You are now working for a bank, and one of your first projects consists of developing an application to manage savings accounts.

   Create a C++ program that does the following:

   • Creates a SavingsAccount class
   • Uses a static data member, annualInterestRate, to store the annual interest rate for each of the savers
   • Ensures each member of the class contains a private data member, savingsBalance, indicating the amount the saver currently has on deposit
   • Develops a member function, calculateMonthlyInterest, to calculate the monthly interest by multiplying the savingsBalance by annualInterestRate divided by 12; this interest should then be added to savingsBalance
   • Develops a static member function, modifyInterestRate, that sets the static annualInterestRate to a new value
   • Instantiates two different objects of class SavingsAccount, Firstsaver and Secondsaver, with balances of $1000.00 and $2000.00, respectively; set the annualInterestRate to 2 percent
   • Calculates the monthly interest and prints the new balances for each of the savers
   • Sets the annualInterestRate to 3 percent, calculates the next month's interest, and prints the new balances for each of the savers

   Include the proper header and make sure you properly comment your program. Also, make sure you use proper coding conventions.

Answer 1

Code:

#include <iostream>

using namespace std;

//SavingsAccount.h
class SavingAccount
{
public:
   SavingAccount(float savingsBal);
   ~SavingAccount();
   void calculateMonthlyInterest();
   static void modifyInterestRate(float newInterest);
   void printSavings();
private:
   static float annualInterestRate;
   float savingsBalance;
};

//SavingsAccount.cpp

float SavingAccount::annualInterestRate = 2;

SavingAccount::SavingAccount(float savingsBal):savingsBalance(savingsBal)
{
}

SavingAccount::~SavingAccount()
{
}

void SavingAccount::calculateMonthlyInterest()
{
   //Calculate the monthly Interest according to the formulae
   float monthlyInterest = (savingsBalance * annualInterestRate) / (12 * 100);
   savingsBalance += monthlyInterest;
}

void SavingAccount::modifyInterestRate(float newInterest)
{
   //Sets the new Interest Rate
   annualInterestRate = newInterest;
}

void SavingAccount::printSavings()
{
   //Print the Balance
   cout << "\nSavings Account Balance : " << savingsBalance;
}

int main()
{
   //Instantiating two Instances of the savingsAccount class
   //On the process pass the initial savings balance as the constructor argument
   SavingAccount firstSaver(1000.00), secondSaver(2000.00);

   //Calculate the Monthly Interest for two Savers
   firstSaver.calculateMonthlyInterest();
   secondSaver.calculateMonthlyInterest();

   //Print the new Balances for the two savers
   firstSaver.printSavings();
   secondSaver.printSavings();

   //change the annual Interest Rate
   SavingAccount::modifyInterestRate(3);

   //Calculate the Monthly Interest for two Savers
   firstSaver.calculateMonthlyInterest();
   secondSaver.calculateMonthlyInterest();

   //Print the new Balances for the two savers
   firstSaver.printSavings();
   secondSaver.printSavings();

   return 0;
}

OUTPUT: