Create class using static variable to store annual interest

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Reference no: EM1361915

Create class SavingAccount. 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 annual InterestRate divided by 12; this interest should be added to savingsBalance. Provide a static method modifyInterestRate that sets the annualInterestRate to a new value. A SavingAccount object can be only be opened with a minimum of $1,000.00.

Next, write a program to test class SavingsAccount. Instantiate two SavingsAccount objects, saver1, saver2, saver3 with balances of $900.00, $2,000.00 and $3000.00 respectively. Set annualInterestRate to 4%, then calculate the monthly interest and print the new balances for the valid savers. Then set the annualInterestRate to 5%, calculate the next month's interest and print the new balances for the valid savers.

Reference no: EM1361915

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