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. Round all computations to the nearest whole dollar.

Date	Balance at the beginning of the month	Interest earned	Amount withdrawn	Balance at the end of the month
August 31	$5,000
September 30
October 31
November 30
December 31