Objective: Create a program that invokes static methods and uses static variables

Objective: Create a program that invokes static methods and uses static variables. Note: see attached pictures. Also send a screenshot of the code (Java programming language only) Transcribed Image Text: Procedure:
1. Develop a simple program for an individual savings account. Create two (2) classes named
SavingsAccount (no class modifier) and RunSavingsAccount (public).
2. In the SavingsAccount class, declare/Initialize variables based on the table below.
Data Type
Access Level
Variable Name
3. Within the constructor, initialize balance with the value of 0.
4. Declare a static setter method named setInterestRate with a parameter of double type named
newRate. This method should assign newRate to interestRate. All methods in the program should
be public.
5. Add a static method named getInterestRate and a non-static method named getBalance, where
each returns an appropriate variable. Both should of double type.
6. Declare a void method named deposit with a parameter of double type named amount. This
method should update balance by adding an amount to it.
7. Add another method of double type named withdraw with a parameter of double type also named
as amount. Create an if-else statement based on this condition: If balance is greater than or equal
than amount, deduct amount from balance; else, amount is equal to 0. Return the amount
8. Add a void method named addInterest. Within this method, declare a double variable named
interest that accepts the product of balance and interestRate. Update balance by adding
interest to it.
9. Declare a void static method named showBalance with a parameter of SavingsAccount type named
account. This method should display the current balance of the account by calling the
getBalance() method using the object account.
10. Move to the other class, RunSavingsAccount. Import the Scanner class for the user input.
11. Instantiate a SavingsAccount object named savings in the main method to use the methods you
have created earlier. This should be the expected sequence of the program upon execution:
a. Ask the user to input the interest rate.
b. Ask the user to type an amount to be deposited.
c. Ask the user to press either D for another deposit or W for withdraw. Show balance
afterward. If savings is greater than 1000, display the new balance with applied interest. Transcribed Image Text: Sample Output:
Enter interest rate: .10
Enter deposit amount: 500
Your balance is 500.0
Press D for another deposit or W to withdraw: d
Enter deposit amount: 1000
Your new balance is 1650.0


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