Create a set of classes to implement a banking mode in Java, and are expected to

Question

Create a set of classes to implement a banking mode in Java, and are expected to employ the techniques of inheritance and polymorphism.

A bank has account owners, each of them may have one or more bank accounts, such as savings accounts, checking accounts, and business accounts. Each account has the following information stored as private data: such as name,  account_number, and balance.  At the end of each month, the bank issues a statement for each bank account containing the following information: name, SSN, account_number, phone_number, open balance, and close balance. The close balance is the open balance plus the interest calculated based on the type of the account. To simplify your task, you can assume that there was no transaction in the past month.

With a polymorphic method, the interest of each account is calculated differently:

1.      No interest for business accounts

2.      2.5% interest for each checking account

3.      4% for each saving account if the balance  < $5000

5% otherwise

You may need to create the following classes: accounts, business_accounts, checking_accounts, savings_accounts, and the driver class.

Read the following data from a file and use it to test your program:

NAME     ACCOUNT          PHONE              SSN              BALANCE    TYPE

Sam        78192222                 555-0498         123-45-6789       4500               B

Carla       74329832                 555-9812         233-98-3831        230                 C

Woody               72872911                 555-9281         823-23-0911        5700               S

Diane      63672822                 555-9232         212-11-0091        2300               S

Norm      27873773                 555-2932         918-22-0911        1400               C

Cliff       38737737                 555-9171         811-12-9811        6700               S

Tom        72932331                 555-9283         235-09-9282       7800               C

Submit your program along with the output produced

Explanation / Answer

public interface Account {

String SAVING_ACCOUNT_TYPE = "S";

String CHECKING_ACCOUNT_TYPE = "C";

String BUSINESS_ACCOUNT_TYPE = "B";

void setName(String name);

void setAccountNo(String accountNo);

void setBalance(double balance);

void setSsn(String ssn);

void setPhoneNo(String phoneNo);

double caluculateInterest();

void issueStatement();

}

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