Create a java class called SavingsAccount with a main program to test its functions. The class will consist of the following: Static attribute called ‘annualInterestRate’ to store the annual interest rate for each of the savers. Private attribute called ‘savingsBalance’ indicating the amount the saver currently has on deposit. Method “calculateMonthlyInterest that calculates” the monthly interest by multiplying the balance by annual InterestRate divided by 12; this interest should be added to ‘savingsBalance’. A Static method called “modifyInterestRate” that sets the static ‘annualInterestRate’ to a new value. Write a main to test class SavingsAccount. Instantiate two different objects of class SavingsAccount saver1 and saver2, with balances of$2000.00 and $3000.00, respectively. Set the annual InterestRate to 3 percent. Then calculate the monthly interest and print the new balances for each of the savers. Then set the annualInterestRate to 4 percent, calculate the next month’s interest and print the new balances for each of the s
Create a java class called SavingsAccount with a main program to test its functions. The class will
consist of the following:
Static attribute called ‘annualInterestRate’ to store the annual interest rate for each of
the savers.
Private attribute called ‘savingsBalance’ indicating the amount the saver currently has
on deposit.
Method “calculateMonthlyInterest that calculates” the monthly interest by multiplying
the balance by annual InterestRate divided by 12; this interest should be added to
‘savingsBalance’.
A Static method called “modifyInterestRate” that sets the static ‘annualInterestRate’ to
a new value.
Write a main to test class SavingsAccount. Instantiate two different objects of class
SavingsAccount saver1 and saver2, with balances of$2000.00 and $3000.00, respectively. Set the
annual InterestRate to 3 percent. Then calculate the monthly interest and print the new balances for
each of the savers. Then set the annualInterestRate to 4 percent, calculate the next month’s interest
and print the new balances for each of the savers
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