In Java,

Create class SavingsAccount. Use a static variable annualInterestRate to store theannual interest rate for all account holders. Each object of the class contains a privateinstance variable savingsBalance indicating the amount the saver currently has on deposit.Provide method calculateMonthlyInterest to calculate the monthly interest by multiplying thesavingsBalance by annualInterestRate divided by 12this interest should be added tosavings-Balance. Provide a static method modifyInterestRate that sets theannualInterestRate to a new value. Write a program to test class SavingsAccount. Instantiatetwo savingsAccount objects, saver1 and saver2, with balances of $2000.00 and $3000.00,respectively. Set annualInterestRate to 4%, then calculate the monthly interest for each of 12months and print the new balances for both savers. Next, set the annualInterestRate to 5%,calculate the next months interest and print the new balances for both savers.