Display the new balances for both savers

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Reference no: EM13209873

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 savingBalance indicating the amount that saver currently has no deposit. Provide method calculateMonthlyInterest to calculate the monthly interest by multiplying the savingBalance by annualInterestRate divided by 12- this interest should be added to savingsBalance. Provide static method ModifyInterestRate to set the annualInterestRate to a new value. Write an application to test class SavingsAccount. Create two savingAccount objects, saver1 and saver2, with balances of $2000.00 and $3000.00, respectively. Set annualInterestRate to 4%, then calculate the monthly interest and display the new balances for both savers. Then set the annual InterestRate to 5%, calculate the next month's interest and display the new balances for both savers.

Reference no: EM13209873

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