Exercise 1 Part 1 Create a class SavingsAccount Use a static

Exercise 1 Part 1 Create a class SavingsAccount. Use a static class variable to store the annualInterestRate for each of the savers. 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 balance 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 driver program to test the class SavingsAccount. Instantiate two different 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 each of the savers. Then set the annualInterestRate to 5% and calculate the next months interest and print the new balances for each of the savers. Part 2 Write another class SpecialSavings that extends SavingsAccount to pay interest of 10% on accounts that have balances that exceed 10K. Also provided methods to deposit and take money out of savings account. Write a driver program to test the class SpecialSavings. Instantiate two different savingsAccount objects, saver1 and saver2, with balances of $2000.00 and $3000.00, respectively. Make a few deposits and withdrawals and show balance and interest earned for each account.

Solution

Please find the required program along with its output. Please see the comments against each line to understand the step.

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OUTPUT:

TEST1:

MonthlyInterest of saver1 = 666.6666666666666
MonthlyInterest of saver2 = 1000.0
MonthlyInterest of saver1 for next month = 666.6666666666666
MonthlyInterest of saver2 for next month = 1000.0

TEST2:

Saver1 balance: 2600.0
Saver1 interest: 866.6666666666666
Saver2 balance: 4400.0
Saver2 interest: 1466.6666666666667
Saver1 balance: 2600.0
Saver1 interest: 866.6666666666666
Saver2 balance: 4400.0
Saver2 interest: 1466.6666666666667