Description
Create a class called SavingsAccount. The class should have a static variable named, annualInterestRate, to store the annual interest rate for all account holders. Each object of the class should contain a private instance variable named, savingsBalance, indicating the amount the saver currently has on deposit.
Write methods to perform the following:
- calculateMonthlyInterest – calculates the monthly interest by multiplying the savingsBalance by annualInterestRate divided by 12. This interest should be added to the balance.
- depositAmount – allows the customer to deposit money into the account (thereby increasing the balance. Do not accept negative amount.
- withdrawAmount – allows the customer to withdraw money from the account (thereby decreasing the balance. Do not accept negative amount.
- modifyInterestRate (static) – allows the bank to change the annual interest rate. Accept only floating-point values between 2 and 5.
- toString – get string representation of SavingsAccount object (prints the variable, savingsBalance
Write a test class named TestSvingsAccount to test the SavingsAccount class. Instantiate two objects, saver1 and saver2, with balances of $2000.00 and $3000.00, respectively. Set the annual interest rate to 4%, then calculate the monthly interest for each of the 12 months and print the new balance, at the end of each month, for both savers.
Deposit $1500.00 to saver1’s account and withdraw $550.00 from saver2’s account. Next change the annual interest rate to 5%, calculate the next month’s interest and print the new balance for both savers.
