Design a class named Bank Account to hold the following data for a bank account:

Question

Design a class named Bank Account to hold the following data for a bank account:

The class should have the following methods:

Next, design a SavingsAccount class that extends the BankAccount class. The SavingsAccount class should have a status field to represent an active or inactive account. If the balance of a savings account falls below $25, it becomes inactive. (The status field could be a boolean variable.) No more withdrawals may be made until the balance is raised above $25, at which time the account becomes active again. The savings account class should have the following methods:

In your main, create a SavingsAccount object by making up a starting balance and rate and write a loop that iterates 5 times and does a random deposit and withdrawal (values 1 - 100) in each iteration on the account using your methods. Print out the status of the account(balance, charges, number of transactions) after each transaction.

Explanation / Answer

BankAccount Class

public class BankAccount {

   protected float balance;
   protected float numDeposits;
   protected float numWithdrawals;
   protected float annRate;
   protected float monSrvCrg;
  
   public BankAccount() {
       balance = 0;
       numDeposits = 0;
       numWithdrawals = 0;
       annRate = 0;
       monSrvCrg = 0;
   }
  
   public BankAccount(float bal, float rate) {
       this();
       this.balance = bal;
       this.annRate = rate;
   }
  
   public void deposit(float amount) {
       balance += amount;
       numDeposits++;
   }
  
   public void withdraw(float amount) {
       balance -= amount;
       numDeposits++;
   }
  
   public void calcInterest() {
       //Monthly Interest Rate = (Annual Interest Rate / 12)
       //Monthly Interest = Balance * Monthly Interest Rate
       //Balance = Balance + Monthly Interest
       float monRate = annRate/12;
       float monInt = balance*monRate;
       balance += monInt;
   }
  
   public void monthlyProcess() {
       balance -= monSrvCrg;
       calcInterest();
       numWithdrawals = 0;
       numDeposits = 0;
       monSrvCrg = 0;
   }
}

SavingAccount Class

public class SavingAccount extends BankAccount{

   public boolean active;
  
   public SavingAccount(float bal, float rate) {
       super(bal, rate);
       if(bal < 25) {
           active = false;
       } else {
           active = true;
       }
   }

   public void withdraw(float amount) {
       if(active) {
           super.withdraw(amount);
       }
   }
  
   public void deposit(float amount) {
       if(!active) {
           if(amount + balance < 25) {
               return;
           }
       }
       super.deposit(amount);
   }
  
   public void monthlyProcess() {
       if(numWithdrawals > 4) {
           monSrvCrg += numWithdrawals - 4;
       }
       super.monthlyProcess();
       if(balance < 25) {
           active = false;
       }
   }

   public void printStatus() {
       System.out.println("balance = "+balance+", charges = "+monSrvCrg+", number of transactions = "+(numDeposits + numWithdrawals));
   }
}

Main Class

package chegg;

public class AccountMain {
  
   public static void main(String[] args) {
       float bal = (float) (Math.random()*5000 + 1000);   //Intial balance in range [1000, 6000]
       float rate = 12;
       SavingAccount sv = new SavingAccount(bal, rate);
      
       for(int i = 0; i < 5; i++) {
           float dep = (float) (Math.random()*99 + 1);
           sv.deposit(dep);
           sv.printStatus();
           float wit = (float) (Math.random()*99 + 1);
           sv.withdraw(wit);
           sv.printStatus();
       }
   }
}

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