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Write class using static variable to store annual interest

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Reference no: EM1367373

Create class SavingsAccount. Use 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 12this 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 savingsAccount objects, saver1 and saver2, with balances of $2000.00 and $3000.00, 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: EM1367373

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