10.5 (Savings-Account Class) Create the class SavingsAccount. Use the static var

Question

10.5 (Savings-Account Class) Create the class SavingsAccount. Use the static variable annual- InterestRate 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 sav- ingsBalance by annualInterestRate divided by 12-this interest should be added to savingsBal- Exercises 403 ance. Provide static method ModifyInterestRate to set the annualInterestRate to a new value. Write an app to test class SavingsAccount. Create two savingsAccount objects, saverl and saver2, with balances of $2000.00 and $3000.00, respectively. Set annual interes t Rate to 4%, then calculate the monthly interest and display the new balances for both savers. Then set the annualInterestRate to 5%, calculate the next month's interest and display the new balances for both savers.

Explanation / Answer

public class SavingsAccount
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{
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private double static annualInterestRate; //declare static variable
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private double savingsBalance; //instance variable
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public SavingsAccount(double bal); //constructor
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{
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savingsBalance= b;
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}
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public static double calculateMonthlyInterest() //calculates monthly interest
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{
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return(savingsBalance * annualInterestRate / 12);
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}
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static double modifyInterestRate() //declare static method
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{
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return annualInterestRate; //sets annualInterestRate to a new value
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}
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public void showBalance(

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