Design an abstract class named BankAccount to hold the following data for a bank

Question

Design an abstract class named BankAccount to hold the following data for a bank account:

Balance

Number of deposits this month

Number of withdrawals

Annual interest rate

Monthly service charges

The class should have the following methods:

Constructor: The constructor should accept arguments for the balance and annual interest rate

deposit:       A method that accepts an argument for the amount of deposit. The method should add the argument to the account balance. It should also increment the variable holding the number of deposits.

withdraw:     A method that accepts an argument for the amount of the withdrawal. The method should subtract the argument from the balance. It should also increment the variable holding the number of withdrawals.

calcInterest:        A method that updates the balance by calculating the monthly interest earned by the account, and adding this interest to the balance. This is performed by the following formulas:

Monthly Interest Rate = (Annual Interest Rate/12)

Monthly Interest = Balance * Monthly Interest Rate

Balance = Balance + Monthly Interest

monthlyProcess:    A method that subtracts the monthly service charges from the balance, calls the calcInterest method, and then sets the variable les that hold the number of withdrawals, number of deposits and monthly service charge to zero.

Next, design a SavingAccount class that is a subclass of the BankAccount class. The SavingAccount class should have a status field to represent an active or inactive account. If the balance of a savings account falls below$25, it becomes inactive. (The status field could be a Boolean variable.) No more withdrawals can be made until the balance is raised above $25, at which time the account becomes active again. The savings account class should have the following methods:

withdraw:     A method that determines whether the account is inactive before a withdrawal is made. No withdrawal will be allowed if the account is not active. A withdrawal is then made by calling the super-class version of the method.

deposit:       A method that determines whether the account is inactive before a deposit is made. If the account is inactive and the deposit brings the balance above $25, the account becomes active again. The deposit is then made by calling the super-class version of the method.

monthlyProcess:    Before the super-class method is called, this method checks the number of withdrawals. If the number of withdrawals for the month is more than 4, a service charge of $1 for each withdrawal above 4 is added to the super-class fields that holds the monthly service charges. (Don’t forget the check the account balance after the service charge is taken. If the balance falls below $25, the account becomes inactive.)

Explanation / Answer

Here is the code for BankAccount.java:

public abstract class BankAccount
{
protected double balance;
protected int numDeposits;
protected int numWithdrawals;
protected double interestRate;
protected double monthlyServiceCharge;
  
//Constructor: The constructor should accept arguments for the balance
//               and annual interest rate
public BankAccount(double bal, double intRate)
{
balance = bal;
interestRate = intRate;
}
//deposit: A method that accepts an argument for the amount of deposit. The method should
//add the argument to the account balance. It should also increment the variable holding
//the number of deposits.
public void deposit(double amount)
{
balance += amount;
numDeposits++;
}
  
//withdraw: A method that accepts an argument for the amount of the withdrawal. The method
//should subtract the argument from the balance. It should also increment the variable
//holding the number of withdrawals.
public void withdraw(double amount)
{
balance -= amount;
numWithdrawals++;
}
  
//calcInterest: A method that updates the balance by calculating the monthly
//interest earned by the account, and adding this interest to the balance. This is
//performed by the following formulas:
//   Monthly Interest Rate = (Annual Interest Rate/12)
//   Monthly Interest = Balance * Monthly Interest Rate
//   Balance = Balance + Monthly Interest
protected void calcInterest()
{
double monthlyInterestRate = interestRate / 12;
double monthlyInterest = balance * monthlyInterestRate;
balance += monthlyInterest;
}
  
//monthlyProcess: A method that subtracts the monthly service charges from the balance,
//calls the calcInterest method, and then sets the variables that hold the number of
//withdrawals, number of deposits and monthly service charge to zero.
public void monthlyProcess()
{
balance -= monthlyServiceCharge;
calcInterest();
numDeposits = 0;
numWithdrawals = 0;
monthlyServiceCharge = 0;
}
public void setMonthlyServiceCharges(double amount)
{
this.monthlyServiceCharge += amount;
}
  
public double getBalance()
{
return balance;
}
  
public int getNumDeposits()
{
return numDeposits;
}
  
public int getNumWithdrawals()
{
return numWithdrawals;
}
  
public double getInterestRate()
{
return interestRate;
}
  
public double getMonthlyServiceCharges()
{
return monthlyServiceCharge;
}
  
}

And the code for SavingsAccount.java:

public class SavingsAccount extends BankAccount
{
//The SavingAccount class should have a status field to represent an active or inactive account.
boolean active;
public SavingsAccount(double bal, double intRate)
{
   super(bal, intRate);
   if(bal >= 25)
       active = true;
   else
       active = false;  
}
public boolean isActive()
{
   return balance >= 25;
}
//withdraw: A method that determines whether the account is inactive before a withdrawal
//is made. No withdrawal will be allowed if the account is not active. A withdrawal is
//then made by calling the super-class version of the method.
public void withdraw(double amount)
{
   if (isActive() == false)
   {
      throw new IllegalStateException("This account is inactive.");
   }
   super.withdraw(amount);
   if(balance < 25)
       active = false;
}
//deposit: A method that determines whether the account is inactive before a deposit
//is made. If the account is inactive and the deposit brings the balance above $25, the
//account becomes active again. The deposit is then made by calling the super-class
//version of the method.
public void deposit(double amount)
{
   if(balance + amount >= 25)
       active = true;
   if(isActive())  
       super.deposit(amount);
}
//monthlyProcess: Before the super-class method is called, this method checks the
//number of withdrawals. If the number of withdrawals for the month is more than 4, a
//service charge of $1 for each withdrawal above 4 is added to the super-class fields
//that holds the monthly service charges.
public void monthlyProcess()
{
   if(numWithdrawals > 4)
       withdraw(1);
super.monthlyProcess();
   }
public String toString()
{
   String output = "";
   output = "Account Balance: " + balance;
   return output;
}
}

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