Create class SavingsAccount. Use a static variable annualInterestRate 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 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 program to test class SavingsAccount. Instantiate two savingsAccount objects, saver1 and saver2, with balances of P2000.00 and P3000.00, respectively. Set annualInterestRate to 4%, then calculate the monthly interest and print the new balances for both savers. Then set the annualInterestRate to 5%, calculate the next month’s interest and print the new balances for both savers.
Note: implement Accessor and Mutator Methods
Apply Garbage collector
Grades will be dependent to a well-written code and readability of your program.
