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Calculate the next months interest

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Reference no: EM131914779

Create a class Saving Account. 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 capability. Instantiate two savingsAccount objects, saver1 and saver2, with balances of TSh 20,000.00 and TSh 30,000.00,respectively. Set annualInterestRate to 4%, then calculate the monthly interest and print the new balances for both savers.

Then set the annualInterestRate to 5%, calculate the next month's interest and print the new balances for both savers.

Reference no: EM131914779

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