Create program to compute monthly interest

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Reference no: EM1368850

Create class SavingsAccount. Use a static class variable to store the annualInterestRate 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 savingsBalance by annualInterestRate divided by 12; this interest should be added to savingsBalance. Provide a static method modifyInterestRate that sets the annualInterestRate to a new value. Write a driver program to test class SavingsAccount. Instantiate two savingsAccount objects, saver1 and saver2, with balances of $2000.00 and $3000.00 respectively. Set annualInterestRate to 4%, then calculate the monthly interest and print the new balances for each of the savers. Then set the annualInterestRate to 5% and calculate the next month's interest and print the new balances for each of the savers.

Reference no: EM1368850

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