Bug: Checking account fund transfer only updates the destination account
The source account's balance is not updated following a transfer.
Feature: Savings account
Implement a savings account (in addition to the existing checking account).
Savings accounts have the same features as checking accounts, and additionally provide a method to apply interest over some number of years. Each savings account should allow for a unique interest rate, compounded once annually.
A formula for calculating annual compound interest is as follows:
S = value after t periods
P = principal amount (initial investment)
j = annual nominal interest rate (not reflecting the compounding)
n = number of times the interest is compounded per year
t = number of years the money is borrowed for
As an example, suppose an amount of $1500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded annually.
Then the balance after 6 years is found by using the formula above, with P = 1500, j = 0.043 (4.3%), n = 1, and t = 6:
S = 1500 (1 + 0.043) 6 = 1931.07
So, the balance after 6 years is approximately 1938.84. The amount of interest received can be calculated by subtracting the principal from this amount.
BONUS: Savings accounts cannot be withdrawn from directly -- they should only support deposits and transfers.
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Hi I am interested working on your project for your Java Project, please send me if you have any details looking forward to work together with you Regards, Gusti