Designing Bank Account Abstract Class

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Design an abstract class namedBankAccountto hold the following data for a bank account:BalanceNumber of deposits this monthNumber of withdrawalsAnnual interest rateMonthly service chargesThe class should have the following methods:Constructor: The constructor should accept arguments for the balance and annual interest ratedeposit: A method that accepts an argument for the amount of deposit. The method shouldadd the argument to the account balance. It should also increment the variable holding the number of deposits.withdraw: A method that accepts an argument for the amount of the withdrawal. The method should subtract the argument from the balance. It should also increment the variable holding the number of withdrawals.calcInterest: A method that updates the balance by calculating the monthly interest earned by the account, and adding this interest to the balance. This is performed by the followingformulas:Monthly Interest Rate = (Annual Interest Rate/12)Monthly Interest = Balance * Monthly Interest RateBalance = Balance + Monthly InterestmonthlyProcess: A method that subtracts the monthly service charges from the balance, calls thecalcInterestmethod, and then sets the variable les that hold the number of withdrawals, number of deposits and monthly service charge to zero.Next, design aSavingAccountclass that is a subclass of theBankAccountclass.TheSavingAccountclass should have a status field to represent an active or inactive account. If the balance of a savings account falls below\$25, it becomes inactive. (The status fieldcould be a Boolean variable.) No more withdrawals can be made until the balance is raised above\$25, at which time the account becomes active again. The savings account class should have the following methods:withdraw: A method that determines whether the account is inactive before a withdrawal is made. No withdrawal will be allowed if the account is not active. A withdrawal is then made by calling the super-class version of the method.deposit: A method that determines whether the account is inactive before a deposit is made. If the account is inactive and the deposit brings the balance above \$25, the account becomes active again. The deposit is then made by calling the super-class version of the method.monthlyProcess: Before the super-class method is called, this method checks the number of withdrawals. If the number of withdrawals for the month is more than 4, a service charge of \$1 for each withdrawal above 4 is added to the super-class fields that holds the monthly service

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