Inheritance in Java

Explanation

This Java program simulates a basic banking system to demonstrate the principle of Inheritance. The core idea is to create a general template for a bank account and then specialize it for different types of banking products (Savings and Current accounts).

1. The Base Class (Account): This is the parent class. It contains common attributes that every bank account shares, regardless of its type, such as the customer's name, the account number, and the account type. It provides "getter" and "setter" methods to manage these basic details.
2. The Savings Class (Savings): This class extends Account, meaning it inherits all the properties of the parent. It adds specific features like interest calculation. It uses the compound interest formula to update the balance and includes methods for cash deposits and withdrawals.
3. The Current Class (Current): This also extends Account. Unlike the Savings account, it focuses on business-style transactions like cheque deposits. It also implements a "Minimum Balance" rule: if a withdrawal causes the balance to drop below a certain threshold, a service charge is automatically deducted.
4. The Execution (AccountMain): The main method acts as the driver. It creates objects for both Savings and Current accounts, populates them with data, and performs a series of transactions (deposits, interest application, withdrawals) to show how the inherited and specialized methods work in tandem.

Algorithm

1. Define the Parent Class: Create a class Account with fields for name, account number, and type.
2. Define Subclasses:
   • Create Savings extending Account. Add fields for interest and sBalance.
   • Create Current extending Account. Add fields for minBalance, serviceCharge, and cBalance.
3. Implement Savings Logic:
   • Calculate interest using the formula: $Amount = Principal \times (1 + \frac{rate}{n})^{nt}$.
   • Update balance by adding the interest earned.
   • Allow withdrawals only if the balance is sufficient.
4. Implement Current Logic:
   • Allow cheque deposits to increase the balance.
   • During withdrawal, check if the remaining balance falls below minBalance. If it does, subtract the serviceCharge.
5. Main Execution:
   • Instantiate Savings, set initial values, compute interest, and perform transactions.
   • Instantiate Current, set minimum balance requirements, deposit a cheque, and perform a withdrawal that triggers a penalty check.
   • Display the final status of both accounts.