How to resolve ArrayList does not take parameter

Question

I have written the code and when I try to execute, it is giving error ArrayList does not take parameters. I have checked the code multiple times but unable to find any issue with it since I have my class name different than ArrayList.

class TestJavaCollection1
{
  public static void main(String args[])
  {
    ArrayList list = new ArrayList();
    list.add("Ravi");//Adding object in arraylist
    list.add("Vijay");
    list.add("Ravi");
    list.add("Ajay");
    Iterator itr = list.iterator();
    while (itr.hasNext())
    {
      System.out.println(itr.next());
    }
  }
}