Using Java: Create class SavingsAccount. Use a static variable annualInterestRat

Question

Using Java:

Create class SavingsAccount. Use a static variable annualInterestRate to store the annual interest rate for all account holders. Each object of the class contains a private instance variable savingsBalance indicating the amount the saver currently has on deposit. Provide method calculateMonthlyInterest to calculate the monthly interest by multiplying the savingsBalance by annualInterestRate divided by 12—this interest should be added to savingsBalance. Provide a static method modifyInterestRate that sets the annualInterestRate to a new value. Write a program to test class SavingsAccount. Instantiate two savingsAccount objects, saver1 and saver2, with balances of $2000.00 and $3000.00, respectively. Set annualInterestRate to 4%, then calculate the monthly interest for each of 12 months and print the new balances for both savers. Next, set the annualInterestRate to 5%, calculate the next month’s interest and print the new balances for both savers.

Explanation / Answer

SavingsAccount.java

public class SavingsAccount {
   //Declaring static variable
   static double annualInterestRate;
  
   //Declaring instance variable
   private double savingsBalance;

   //parameterized constructor
   public SavingsAccount(double savingsBalance) {
       super();
       this.savingsBalance = savingsBalance;
   }

   //This method will calculate the monthlyInterest and update savings balance
   public void calculateMonthlyInterest() {
       savingsBalance += savingsBalance * (annualInterestRate / 1200);
   }

   //This method will modify the interest rate based on supplied new interest rate as parameter
   public static void modifyInterestRate(double newAnnualInterestRate) {
       annualInterestRate = newAnnualInterestRate;
   }

   public double getSavingsBalance() {
       return savingsBalance;
   }

}

___________________

Test.java

public class Test {

   public static void main(String[] args) {
   SavingsAccount saver1=new SavingsAccount(2000.00);
   SavingsAccount saver2=new SavingsAccount(3000.00);
   SavingsAccount.annualInterestRate=4;
  
   System.out.println("Saver 1#");
   System.out.println("Month Balance");
   for(int i=1;i<12;i++)
   {
       saver1.calculateMonthlyInterest();
       System.out.printf("%d %.2f ",i,saver1.getSavingsBalance());
   }
   System.out.println("Saver 2#");
   System.out.println("Month Balance");
   for(int i=1;i<12;i++)
   {
       saver2.calculateMonthlyInterest();      
       System.out.printf("%d %.2f ",i,saver2.getSavingsBalance());
   }
  
  
   System.out.println("After changing Interest rate to 5%");
   SavingsAccount.modifyInterestRate(5);
  
   System.out.println("Saver 1#");

       saver1.calculateMonthlyInterest();
       System.out.printf("New Balance of save 1 :%.2f ",saver1.getSavingsBalance());
  
       System.out.println("Saver 2#");

           saver1.calculateMonthlyInterest();
           System.out.printf("New Balance of saver 2 :%.2f ",saver1.getSavingsBalance());
  

   }

  
}

___________________

Output:

Saver 1#
Month   Balance
1   2006.67
2   2013.36
3   2020.07
4   2026.80
5   2033.56
6   2040.33
7   2047.14
8   2053.96
9   2060.81
10   2067.68
11   2074.57
Saver 2#
Month   Balance
1   3010.00
2   3020.03
3   3030.10
4   3040.20
5   3050.33
6   3060.50
7   3070.70
8   3080.94
9   3091.21
10   3101.51
11   3111.85
After changing Interest rate to 5%
Saver 1#
New Balance of save 1 :2083.21
Saver 2#
New Balance of saver 2 :2091.89

__________Thank You

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