(Savings Account Class) Create class SavingsAccount. Use a static variable annualInterestRateto store the annual interest rate for all account holders. Each object of the class contains aprivate instance variable savingsBalance indicating the amount the saver currently has ondeposit.Provide method calculateMonthlyInterest to calculate the monthly interest by multiplying thesavingsBalance by annualInterestRate divided by 12—this interest should be added to savingsBalance. Provide a static method modifyInterestRate that sets the annualInterestRate to a newvalue. Write a program to test class SavingsAccount. Instantiate two savingsAccount objects,saver1 and saver2, with balances of $2000.00 and $3000.00, respectively. SetannualInterestRate to 4%, then calculate the monthly interest for each of 12 months and printthe new balances for both savers. Next, set the annualInterestRate to 5%, calculate the nextmonth’s interest and print the new balances for both savers.
(Savings Account Class) 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 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. Instantiate two savingsAccount objects,
saver1 and saver2, with balances of $2000.00 and $3000.00, respectively. Set
annualInterestRate to 4%, then calculate the monthly interest for each of 12 months and print
the new balances for both savers. Next, set the annualInterestRate to 5%, calculate the next
month’s interest and print the new balances for both savers.
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