JAVA

1. A bank offers two types of account for its customers, a savings account and a checking account. The savings account provides compound interest^* and transfers money between accounts. The checking account provides withdrawal but no interest. Checking account holders should also maintain a minimum balance of $300 while a savings account should have a minimum balance of $100. If the balance falls below the minimum requirement, a service charge is imposed.

Create a class Account that stores customer name, account number and type of account. From this derive two classes CheckingAccount and SavingsAccount. Include appropriate methods/instance variables to achieve the following tasks:

a.Deposit amount to an account (checking or savings)

b.Display the balance of an account (checking or savings)

c.Compute and deposit compound interest of a savings account

d.Permit withdrawal and update the balance accordingly (checking or savings). Check that the withdrawal should not be more than the account balance available. Impose a service charge, if the balance falls below the minimum balance required. Also, give user an option to transfer funds from the savings account (if sufficient balance available) when withdrawing from a checking account if there are insufficient funds available in the checking account. Update the savings balance accordingly.

^*Compound Interest is calculated as:

CI = P (1 + r/n) ^(nt)

Where:

CI = Compound Interest

P = the principal investment amount (the initial deposit) r = the annual interest rate (decimal)

n = the number of times that interest is compounded per year t = the number of years the money is invested or borrowed for

Ref: https://www.thecalculatorsite.com/articles/finance/compound-interest-formula.php

You may get input from user for each function. When your program starts, create a checking account object and a savings account object, and displays a menu of four functions that a user can select.