Problem:
Question: Design an abstract class named BankAcccount to hold the following data for a bank account:
-Balance
-Number of deposits
-Number of withdrawals
-Annual interest rate
-Monthly service charges
The class should have the following methods:
Constructor: The constructor should accept arguments for the balance and annual interest rate.
deposit: A method that accepts an argument for the amount of the deposit. The method should add the argument for the amount of the deposit. The method should add the argument to the account balance. It should also increment the variable holding the number of deposits.
withdraw: A method that accepts an argument for the amount of the withdrawal. The method should subtract the argument from the balance. It should also increment the variable holding the number of withdrawals.
calcInterest: A methodthat updates the balance by calculating the monthly interest earned by the account ,and adding this interest to the balance. This is performed according to the following formulas: Monthly InterestRate = (Annual Interest Rate / 12) Monthly Interest = Balance *Monthly Interest Rate Balance = Balance + MonthlyInterest
monthlyProcess: A method that subtracts the monthly service charge from the balance, calls the calc Interest method, and then sets the variables that hold the number of withdrawals, number of deposits, and monthly service charges to zero.
Next, design a SavingsAccount class that extends the BankAccount class.The SavingsAccount class should have a status field to represent an active or inactive account. If the balance of a savings account falls below $25, it becomes inactive. (The status field could be a boolean variable.) No more withdrawals may be made until the balance is raised above $25, at which time the account becomes active again. The savingsaccount class should have the following methods:
withdraw: A method that determines whether the account is inactive before a withdrawal is made. ) No withdrawal will be allowed if the account is not active.) A withdrawal is then made by calling the superclassversion of the method (assuming it is allowed).
deposit: A method thatdetermines whether the account is inactive before a deposit ismade. If the account is inactive and the deposit brings the balanceabove $25, the account becomes active again. A deposit is then madeby calling the superclass version of the method.
monthlyProcess: Beforethe superclass method is called, this method checks the number of withdrawals. If the number of withdrawals for the month is more than 4, a service charge of $1 for each withdrawal above 4 is added to the superclass field that holds the monthly service charges.(Don't forget to check the account balance after the servicecharge is taken. If the balance falls below $25, the accountbecomes inactive.
Please describe all the work in detail.