The file must be called <YourNameChapter.java> (driver program) FiLiSavingsAccou
ID: 3541839 • Letter: T
Question
The file must be called <YourNameChapter.java> (driver program)
FiLiSavingsAccount.java (handles interest and balance calculations)
(FiLi - First Initial Last Initial)
Example: FirstnameLastnameChapter.java (driver program)
FLSavingsAccount.java
Ensure you include ALL files required to make your program compile and run.
Proper coding conventions required the first letter of the class start with a capital letter and first letter of each additional word start with a capital letter.
IMPORTANT: ENSURE PROPER SPACING AND COLUMNS ARE PROPERLY PLACED IN THE TEXTPAD CODE, ALSO //COMMENTS NEED TO BE PLACED BEHIND THE CODE TO EXPLAIN WHY THE CODE IS THERE FOR EACH LINE.
OVERALL REQUIREMENTS:
Write a program that establishes two savings accounts with saver1 having account number 10002 with an initial balance of $2,000, and saver2 having account 10003 with an initial balance of $3,000. Set a common rate of interest at 5% per year. At the end of each month, update the balance by adding one month's interest to the balance, so that the balance compounds monthly. Print an output that displays the total balance for both accounts combined, like this:
Output:
Monthly balances for one year with 0.05 annual interest:
Month Account # Balance Acccount # Balance
-------- ------------- ----------- --------------- ------------
0 10002 2000.00 10003 3000.00
1 10002 2008.33 10003 3012.50
2 10002 2016.70 10003 3025.05
3 10002 2025.10 10003 3037.66
4 10002 2033.54 10003 3050.31
5 10002 2042.02 10003 3063.02
6 10002 2050.52 10003 3075.79
7 10002 2059.07 10003 3088.60
8 10002 2067.65 10003 3101.47
9 10002 2076.26 10003 3114.39
10 10002 2084.91 10003 3127.37
11 10002 2093.60 10003 3153.49
12 10002 2102.32 10003 3153.49
Final balance of both accounts combined: 5255.81
USE TWO CLASSES, A FiLiSavingsAccount class and a YourNameChapter as your Driver class.
FiLiSavingsAccount.java class
In the SavingsAccount class, declare a class variable called annualInterestRate, an instance constant called ACCOUNT_NUMBER, and an instance variable called balance. Provide a two-parameter constructor to initialize the instance constant and instance variable, and provide accessors for the instance constant and instance variable, and provide accessors for the instance constant and instance variable. Provide an addMonthlyInterest method to update the balance, by adding (balance * annualInterestRate / 12) to the current balance.
You are also required to provide a class method that sets the annual interest rate.
YourNameChapter.java class
In the YourNameChapter Driver class, instantiate the saver1 and saver2 objects. Set the annual interest rate at 0.05. Print the table heading lines. Use a for loop to print the initial account numbers and balances and the account numbers and balances each month after that month's interest has been added. After the last month's printout, compute and display the total of both balances.
Your driver should generate the following outputs:
Output:
Monthly balances for one year with 0.05 annual interest:
Month Account # Balance Account # Balance
-------- ------------- ----------- ------------- -----------
0 10002 2000.00 10003 3000.00
1 10002 2008.33 10003 3012.50
2 10002 2016.70 10003 3025.05
3 10002 2025.10 10003 3037.66
4 10002 2033.54 10003 3050.31
5 10002 2042.02 10003 3063.02
6 10002 2050.52 10003 3075.79
7 10002 2059.07 10003 3088.60
8 10002 2067.65 10003 3101.47
9 10002 2076.26 10003 3114.39
10 10002 2084.91 10003 3127.37
11 10002 2093.60 10003 3140.40
12 10002 2102.32 10003 3153.49
Final balance of both accounts combined: 5255.81
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Total Points: 100%
Explanation / Answer
import java.util.*;
class FiLiSavingsAccount
{
private double annualInterestRate;
private int ACCOUNT_NUMBER;
private double balance;
public FiLiSavingsAccount(int ac,double b)
{
ACCOUNT_NUMBER = ac;
balance = b;
}
public int get_account_number()
{
return ACCOUNT_NUMBER;
}
public double get_balance()
{
return balance;
}
public void addMonthlyInterest()
{
balance = balance + (balance * annualInterestRate / 12);
}
public void set_annual_interest_rate(double anr)
{
annualInterestRate = anr;
}
}
public class YourNameChapter
{
public static void main(String[] args)
{
FiLiSavingsAccount saver1 = new FiLiSavingsAccount(10002,2000);
saver1.set_annual_interest_rate(0.05);
FiLiSavingsAccount saver2 = new FiLiSavingsAccount(10003,3000);
saver2.set_annual_interest_rate(0.05);
System.out.println("Monthly balances for one year with 0.05 annual interest: ");
System.out.println("Month Account # Balance Account # Balance ");
System.out.println("-------- ------------- ----------- ------------- -----------");
System.out.printf(" %2d %d %.2f %d %.2f",0,saver1.get_account_number(),saver1.get_balance(),saver2.get_account_number(),saver2.get_balance());
for(int i=1; i<13; i++)
{
saver1.addMonthlyInterest();
saver2.addMonthlyInterest();
System.out.printf(" %2d %d %.2f %d %.2f",i,saver1.get_account_number(),saver1.get_balance(),saver2.get_account_number(),saver2.get_balance());
}
System.out.printf(" Final balance of both accounts combined: %.2f",(saver1.get_balance() + saver2.get_balance()));
}
}
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