Inheritance and PolymorphismThis assignment starts with the Account class from Labs 4 and 5. Our new and improved bankhas two kinds of accounts, savings, and checking. In addition to an ID and a balance, savingsaccounts have an annual interest rate and a minimum balance. Checking accounts have aminimum balance and a monthly fee. Withdrawals and deposits can be made to both kinds ofaccounts. At the end of each month, savings accounts pay interest, but only if the account'sbalance is above the minimum. Also at the end of each month, a fee is deducted from eachchecking account, but the fee is waived if the account's balance is over the minimum.Tasks1. Create a complete UML diagram which shows the relationships between the three classes,Account, Savings, and Checking and all of the fields and methods in each. The onlymodifications required to the Account class is the addition of two abstract methods calledcloseMonth and accountString.2. The closeMonth function performs the appropriate end of month action for its class.3. The accountString function returns a string which indicates the type of account, the accountnumber, and the current balance, like -Checking account #1 has a balance of $402.254. The Savings and Checking classes inherit the account number and balance variabies alongwith the functions from the Account class.5. The Savings and Checking classes each have a minimum balance variable and an annualinterest rate (or monyhly fee). They need constructors and concrete implementations of thecloseMonth and accountString functions.6. I recommend using Raptor's Object Oriented Mode to do this, but you may do it in Word,PowerPoint, or Visio.7. For this assignment only the UML diagram is required. Lab #7 will require students toimplement these classes along with a main program.New CommandsLike Lab #5, Lab #7 will read commands from a file. The UML diagram for Lab #6 should includeall of the variables and functions necessary to implement these commands.Checking account initialBalance minimumBalance monthlyFeeSavings account initialBalance minimumBalance annuallnterestRateDeposit account amount Withdraw aCcount amountBalance accountCloseReportIn the above commands, account is an integer between 1 and 9. All other arguments aredoubles.The close command performs the end of month functions for every existing account. The onlyoutput it produces is an "End of month processing complete" message.The Report command lists all existing accounts and their balances, like -Checking account #1 has a balance of $402.25Savings account #2 has a balance of $53576.65

Question

Inheritance and PolymorphismThis assignment starts with the Account class from Labs 4 and 5. Our new and improved bankhas two kinds of accounts, savings, and checking. In addition to an ID and a balance, savingsaccounts have an annual interest rate and a minimum balance. Checking accounts have aminimum balance and a monthly fee. Withdrawals and deposits can be made to both kinds ofaccounts. At the end of each month, savings accounts pay interest, but only if the account'sbalance is above the minimum. Also at the end of each month, a fee is deducted from eachchecking account, but the fee is waived if the account's balance is over the minimum.Tasks1. Create a complete UML diagram which shows the relationships between the three classes,Account, Savings, and Checking and all of the fields and methods in each. The onlymodifications required to the Account class is the addition of two abstract methods calledcloseMonth and accountString.2. The closeMonth function performs the appropriate end of month action for its class.3. The accountString function returns a string which indicates the type of account, the accountnumber, and the current balance, like -Checking account #1 has a balance of $402.254. The Savings and Checking classes inherit the account number and balance variabies alongwith the functions from the Account class.5. The Savings and Checking classes each have a minimum balance variable and an annualinterest rate (or monyhly fee). They need constructors and concrete implementations of thecloseMonth and accountString functions.6. I recommend using Raptor's Object Oriented Mode to do this, but you may do it in Word,PowerPoint, or Visio.7. For this assignment only the UML diagram is required. Lab #7 will require students toimplement these classes along with a main program.New CommandsLike Lab #5, Lab #7 will read commands from a file. The UML diagram for Lab #6 should includeall of the variables and functions necessary to implement these commands.Checking account initialBalance minimumBalance monthlyFeeSavings account initialBalance minimumBalance annuallnterestRateDeposit account amount Withdraw aCcount amountBalance accountCloseReportIn the above commands, account is an integer between 1 and 9. All other arguments aredoubles.The close command performs the end of month functions for every existing account. The onlyoutput it produces is an &#34;End of month processing complete&#34; message.The Report command lists all existing accounts and their balances, like -Checking account #1 has a balance of $402.25Savings account #2 has a balance of $53576.65

Accepted Answer

package inheritance;
import java.util.*;
class Bank
{
    Scanner s=new Scanner(System.in);…