Static method qs
public class SavingsAccount {
private static double annualInterestRate; // Static data member to store annual interest rate
private double savingsBalance; // Private data member indicating the balance of account
// Constructor
public SavingsAccount(double savingsBalance) {
this.savingsBalance = savingsBalance;
// Static method to modify the annual interest rate
public static void modifyInterestRate(double newRate) {
annualInterestRate = newRate;
// Method to calculate monthly interest and update savings balance
public void calculateMonthlyInterest() {
double monthlyInterest = (savingsBalance * annualInterestRate) / 12;
savingsBalance += monthlyInterest;
// Getter for savings balance
public double getSavingsBalance() {
return savingsBalance;
}
}
public class SavingsAccountTest {
public static void main(String[] args) {
// Instantiate two different objects of class SavingsAccount
SavingsAccount saver1 = new SavingsAccount(2000.00);
SavingsAccount saver2 = new SavingsAccount(3000.00);
// Set the annualInterestRate to 3 percent
SavingsAccount.modifyInterestRate(0.03);
// Calculate and print the new balances for each saver after one month
System.out.println("Monthly interest for saver1:");
saver1.calculateMonthlyInterest();
System.out.println("Updated balance: $" + saver1.getSavingsBalance());
System.out.println("Monthly interest for saver2:");
saver2.calculateMonthlyInterest();
System.out.println("Updated balance: $" + saver2.getSavingsBalance());
// Set the annualInterestRate to 4 percent
SavingsAccount.modifyInterestRate(0.04);
// Calculate and print the new balances for each saver after one more month
System.out.println("Monthly interest for saver1 after changing interest rate:");
saver1.calculateMonthlyInterest();
System.out.println("Updated balance: $" + saver1.getSavingsBalance());
System.out.println("Monthly interest for saver2 after changing interest rate:");
saver2.calculateMonthlyInterest();
System.out.println("Updated balance: $" + saver2.getSavingsBalance());
}}
