A bank pays simple interest at the rate of 5% per annum on all deposits. Interest is credited to the quarterly on March 31st, June 30th, September 30th, and December 31st, based on the minimum quarterly balance for that period.

If a person opens an account with a deposit of $40,000.00 on January 1st. They then make a withdrawal of $3000.00 on June 10th. If there were no further transactions(deposits or withdrawals), how much interest will be credited to the account on December 31st.