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here is the program overview:
Write a program that establishes two savings accounts with saver1 having account number 10002 with an initial balance of $2,000, and saver2 having account 10003 with an initial balance of $3,000. Set a common rate of interest at 5% per year. At the end of each month, update the balance by adding one month’s interest to the balance, so that the balance compounds monthly. Print an output that displays the month number and the account number and the balance for each of the two accounts. Use month 0 to display the initial balances, month 1 to display the balances after the first month’s interest, and so on. At the end of the year, display the total balance for both accounts combined, like this:
Output:
Monthly balances for one year with 0.05 annual interest:
Month Account # Balance Account # Balance
----- --------- ------- --------- -------
0 10002 2000.00 10003 3000.00
1 10002 2008.33 10003 3012.50
2 10002 2016.70 10003 3025.05
3 10002 2025.10 10003 3037.66
4 10002 2033.54 10003 3050.31
5 10002 2042.02 10003 3063.02
6 10002 2050.52 10003 3075.79
7 10002 2059.07 10003 3088.60
8 10002 2067.65 10003 3101.47
9 10002 2076.26 10003 3114.39
10 10002 2084.91 10003 3127.37
11 10002 2093.60 10003 3140.40
12 10002 2102.32 10003 3153.49
Final balance of both accounts combined: 5255.81
Use two classes, a SavingsAccount class and a YourNameProg4 as your Driver class.
And here is what I have so far.....any help is greatly appreciated
public class SavingsAcct {
// define class variables using static keyword.
private static double annualInterestRate;
/**
* Set the value of the annual interest rate for all SavingsAccount instances.
*
* @param annualInterestRate
*/
public static void setAnnualInterestRate(double annualInterestRate) {
// set value of annualInterestRate variable
}
// define instance variables/constants
private final String ACCOUNT_NUMBER; // constants defined using final keyword.
private double balance;
/**
* Two parameter constructor!
*
* @param accountNumber
* @param beginningBalance
*/
public SavingsAcct(String account_Number, double beginningBalance) {
// TODO: set values of instance variables here!
}
/**
* @return current balance.
*/
public double getBalance() {
}
/**
* Set current balance.
*
* @param balance
*/
public void setBalance(double balance) {
}
/**
* Get the account number of current instance of SavingsAccount.
*/
public String getACCOUNT_NUMBER() {
}
/**
* update the balance, by adding (balance * annualInterestRate / 12) to the current balance.
*/
public void addMonthlyInterest() {
}
}
public class Prog4 {
public static void main(String[] args) {
// Set the annual interest rate to 0.05
SavingsAccount.setAnnualInterestRate(0.05);
// Instantiate two SavingsAccount objects
SavingsAccount saver1 = new SavingsAccount("10002", 2000);
SavingsAccount saver2 = new SavingsAccount("10003", 3000);
// Optionally, use NumberFormat to format output of balance.
// Prints the table heading lines.
System.out.printf("%2s %14s \t %8s %1s \t %8s \n", "Month",
"Account #", "Balance", "Account #", "Balance");
System.out.printf("%2s %14s \t %8s %1s \t %8s \n", "-----",
"---------", "-------", "---------", "-------");
// Print initial balances of both accounts for month 0.
for (int month=1; month<=12; month++) {
// Compound interest for current month for each saver object
// Print monthly balances
}
// Display final total.
// Exit program
System.exit(0);
}// End Main
}
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