Project 1- Create class SavingsAccount Solved

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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 setInterestRate that sets the annualInterestRate to a new value. There should also be a method setSavingsBalance to set the initial savings balance for a new saver or you can do it through a constructor.

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 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.

Put the code to test the class in the main method of the Savings Account Class. The output of your program should look like the output as in expectedoutput.png