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