Question: JAVA PROGRAMMING: Create a class named AccountSavings. This class has a static double variable wh……


Create a class named AccountSavings. This class has a static double variable which stores the annual interest rate for all account holders. The name of variable is annualInterestRate. The class also has another double variable named savingsBalance which stores balance for current account.

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a. Write a constructor to create an account with specified balance. Add a validation whether the balance is greater than 0.0. If it is less than 0.0 then throw an exception.

b. Write a non-static calculateMonthlyInterest method to calculate the monthly interest by multiplying the savingsBalance by annualInterestRate divided by 12 – the interest should be added to savingsBalance.

c. Write a static method named modifyInterestRate to set the annual interest rate. Add a validation whether the rate is greater than equal to 0.0 and less than or equal 1.0. Otherwise, throw an exception.

d. Write a toString method which returns savingsBalance in a string format.

After that, create AccountSavingsTest class. Create two objects from the class AccountSavings with balances $2000.00 and $3000.00. Then, set the interest rate to 4%, then calculate the monthly interest rate for each 12 months for each object and print the new balances with toString method for each object.

Expert Answer


Code Screenshot : axBankjavax public class AccountSavings [ private static double annualInterestRate: private double savingsBalance; //method for saving account as constructor // public AccountSavings (double balance) [ savingsBalance-balance: ///method for calculating monthly interest/ public void calculateMonthlyInterest) [ double monthlyInterestsavingsBalance annualInterestRate/1200; savingsBalance 10 += monthly!nterest; 12 13 14 15 1 6 17 18 19 20 21 //method for modifying interest rate// public static void modifyInterestRate (double rate) I annual!nteres tRate rate ; //method for getting monthly interest rate// public double getMonthlyInterestRate ) [ 23 return savingsBalanceanualInterestRate/1200; 25 26 27 28 29 30 //method for getting balance// public double getBalance[ return savingsBalance;

Code :


public class AccountSavings {
    private static double annualInterestRate;
    private double savingsBalance;
//method for saving account as constructor //
    public AccountSavings(double balance){
        savingsBalance = balance;
///method for calculating monthly interest/
    public void calculateMonthlyInterest(){
        double monthlyInterest = savingsBalance*annualInterestRate/1200;
        savingsBalance += monthlyInterest;

//method for modifying interest rate//
    public static void modifyInterestRate(double rate){
        annualInterestRate = rate;

//method for getting monthly interest rate//

    public double getMonthlyInterestRate(){

        return savingsBalance*annualInterestRate/1200;

//method for getting balance//
    public double getBalance(){
        return savingsBalance;

//another user defined class with name Bank // 

public class Bank {
//main method//
    public static void main(String[] args) {

//creating object for saving account class//

        AccountSavings saver1 = new AccountSavings(2000.00);

        AccountSavings saver2 = new AccountSavings(3000.00);

//setting of annual interest


        //calculation of bal after one year//

        for(int i=1; i<=12; i++){



//displaying the balance after one year//

        System.out.println("Account 1 balance after 1 year: "+ String.format("%.3f",saver1.getBalance()));

        System.out.println("Account 2 balance after 1 year: "+ String.format("%.3f",saver2.getBalance()));






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