Question

Define a class SavingsAccount with following characteristics.

• Use a static variable annualInterestRate of type float to store the annual interest rate for all account holders.
• Private data member savingsBalance of type float indicating the amount the saver currently has on deposit.
• Method calculateMonthlyInterest to calculate the monthly interest as (savingsBalance * annualInterestRate / 12). After calculation, the interest should be added to savingsBalance.
• Static method modifyInterestRate to set annualInterestRate.
• Parameterized constructor with savingsBalance as an argument to set the value of that instance.

Input
   4
   2000.00
   5

   Where,

• First line represents initial annual Interest Rate.
• Second line represents initial savingsBalance of the account.
• Third line represents annual Interest Rate after one month.

Output
   2666.6667
   3777.7778

   Where,

• First line represents the balance account after one month.
• Second line represents the balance of the account after two months.

#include <iostream>
using namespace std;

int main()
{
//Write your code here
}

Answer 1

#include <iostream>

using namespace std;

class SavingsAccount
{
private:
   float savingsBalance;
public:
   static float annualInterestRate;
   // default constructor sets balance=0
   SavingsAccount(){
       savingsBalance = 0;
   }
   // parameterize constructor to set values
   SavingsAccount(int newVal){
       savingsBalance = newVal;
   }
   // accessor function of saving balance
   float getSavingBalance() {
       return savingsBalance;
   }
   // mutator function of saving balance
   void setSavingBalance(float newVal) {
       this->savingsBalance = newVal;
   }
// this function calculates monthly interest by using formula (savingsBalance * annualInterestRate / 12)
   void calculateMonthlyInterest (){
       savingsBalance = savingsBalance + ((savingsBalance * annualInterestRate ) / 12);
   }
   // this function sets new interest rate
   void modifyInterestRate (float newVal){
       annualInterestRate = newVal;
   }
};
float SavingsAccount::annualInterestRate = 0; //intializing static varaible equal to

int main()
{
   float savingsBalance;
   float annualInterest;
   float modifiedIntrest;
   cout << "Enter saving balance: ";
   cin >> savingsBalance;
   cout << "Enter annual interest: ";
   cin >> annualInterest;
   // object decalred wiht parameterized constructor
   SavingsAccount obj(savingsBalance);
   // annual interest set
   obj.modifyInterestRate (annualInterest);
   obj.calculateMonthlyInterest();
   cout << "Enter modified annual interest: ";
   cin >> modifiedIntrest;
   cout << "Savings Balance: " << obj.getSavingBalance() << endl;
   obj.modifyInterestRate(modifiedIntrest);
   obj.calculateMonthlyInterest();
   cout << "Savings Balance: $" << obj.getSavingBalance() << endl;
   return 0;
}

OUTPUT:

CODE SNIP:

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