Issues
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:
where
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BONUS: Savings accounts cannot be withdrawn from directly -- they should only support deposits and transfers.
Hi I am interested working on your project for your Java Project, please send me if you have any details
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Regards,
Gusti
It sounds like the transfer function doesn't work properly. Need to check if the request has been received or not. And then the saving account can inherit from checking account, with a new function of generating interest, and override the withdraw function. so shouldn't be too hard. Let me know if you want more discussions.