In Visual Basic: Create Class SavingsAccount. Use a Shared class variable to store the annualInterestRate for all SavingsAccounts. Each object of the class contains a Private instance variable savingsBalance indicating the amount the saver currently has on deposit. Provide the CalculateMonthlyInterest method to calculate the monthly interest by multiplying the savingsBalance by the annualInterestRate divided by 12; this interest should be added to savingsBalance and returned to the method caller. Provide a Shared method ModifyInterestRate that sets the annualInterestRate to a new value. Write an app to test class SavingsAccount (GUI form). Instantiate two SavingsAccount objects, saver 1 and saver 2 with balances of $2000.00 and $3000 respectively. Set annualInterestRate to 4%, then calculate the monthly interest and display the amounts of interest earned and the new balances for each of the savers. Then set the annualInterestRate to 5% and calculate the next month’s interest and display the amounts of interest earned and the new balances for each of the savers.

The given assignment task requires us to create a class called “SavingsAccount” in Visual Basic. This class will have a shared class variable called “annualInterestRate” that will store the annual interest rate for all SavingsAccounts. Each object of the class will also contain a private instance variable called “savingsBalance” to store the amount currently deposited by the saver.

To fulfill the requirements of the assignment, we need to provide two methods in the SavingsAccount class. The first method is called “CalculateMonthlyInterest” and it is responsible for calculating the monthly interest for the specified savingsBalance. This is done by multiplying the savingsBalance by the annualInterestRate divided by 12. The calculated interest is then added to the savingsBalance and returned to the method caller.

The second method is a shared method called “ModifyInterestRate” which is used to set the annualInterestRate to a new value. This method will be used to change the interest rate for all SavingsAccounts.

In addition to implementing the SavingsAccount class, we need to write an application (GUI form) that will test the class. This application should instantiate two objects of the SavingsAccount class, named “saver1” and “saver2”, with initial balances of $2000.00 and $3000.00, respectively. The initial annualInterestRate should be set to 4%.

After setting the initial parameters, we should calculate the monthly interest and display the amounts of interest earned and the new balances for each saver. Then, we need to change the annualInterestRate to 5% and calculate the interest for the next month. Again, the amounts of interest earned and the new balances should be displayed for each saver.

To summarize, the task requires us to create a SavingsAccount class with methods for calculating monthly interest and modifying the interest rate. We also need to create a GUI application to test the class by instantiating objects and calculating interest for different scenarios.

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