Savings Account Class

Question

I'm having trouble figuring out a program for Java.
Heres the problem:
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 calculateMontlyInterest to calculate the monthly interest by multiplying the savingsBalance by annualInterestRate divided by 12---this interest rate 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 $2000.00 and $3000.00, 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.
Here is what I have so far:
import java.util.Scanner;
public class SavingsAccount
     private static int annualInterestRate = .04;
     private static int savingsBalance;
     private static int
     double saver1 = 2000.00;
     double saver2 = 3000.00;
     public static void main( String[] args)
          Scanner input = new Scanner ( System.in );
I know this isn't much, but I'm having trouble implementing the methods and private variables it is asking for.
I've been driving myself crazy trying to figure this out with no luck, so any help would be greatly appreciated.
Thanks, James.

Answer 1

Below is the code what i have got for your question.
import java.io.*;
public class SavingsAccount
public static double annualInterestRate;
private double savingsBalance;
private static double actualSavingsBalance1;
private static double actualSavingsBalance2;
public static void main(String[] args) throws IOException
//Get the input values for the needed calculations.
BufferedReader inBuf = new BufferedReader(new InputStreamReader(System.in));
String inData1;
String inData2;
String inData3;
System.out.println(" Please enter the savings account balance for the saver1: ");
inData1 = inBuf.readLine();
actualSavingsBalance1 = Double.parseDouble(inData1);
System.out.println(" Please enter the savings account balance fot the saver2: ");
inData2 = inBuf.readLine();
actualSavingsBalance2 = Double.parseDouble(inData2);
System.out.println(" Please enter the annual interest rate: ");
inData3 = inBuf.readLine();
annualInterestRate = Double.parseDouble(inData3);
//two saver objects.
SavingsAccount saver1 = new SavingsAccount(actualSavingsBalance1);
SavingsAccount saver2 = new SavingsAccount(actualSavingsBalance2);
//set the annually modified interest rate.
SavingsAccount.modifyInterestRate(annualInterestRate);
// Calculate the monthly interest rate and print the relevant
// account details.
saver1.calculateMonthlyInterest();
System.out.println(" Saver1 savings balance is: ");
System.out.println(saver1.getBalance());
saver2.calculateMonthlyInterest();
System.out.println(" Saver2 savings balance is: ");
System.out.println(saver2.getBalance());
public SavingsAccount()
//Overloaded constructor takes the input values for the savings balance.
public SavingsAccount(double value)
savingsBalance = value;
// Evaluating the net savings balance.
public void calculateMonthlyInterest()
savingsBalance += ((savingsBalance * annualInterestRate) / 12);
// Take the changed input values for the annualInterestRate.
public static void modifyInterestRate(double value)
annualInterestRate = value;
// Returns the net savings balance.
public double getBalance()
return savingsBalance;
Remember:
*** Instead of hard coding the values for the annual interest rate and savings
balance I have used variables and I have taken those input values using the
buffered reader and input stream.
*** All those input values have taken as string values an within the code you
can do the conversion as I have done.
Hope this will help you....!!!
regards....