$2$ points

Last summer you saved a substantial portion of your earnings and began this school year with $$5,000$ in the bank. On August $1,$ you deposited the funds in an account that earns $3\%$ interest and plan to withdraw a portion of the account balance each month that school is in session. If you withdraw $$500$ each month from August $-$ December, what will your account balance be on December $31?$ Assume all withdrawals and deposits of interest occur on the last day of each month.B