You just received a job offer for $132,000/year. For simplicity, let's assume you will get paid $11,000 on the 1st of each month, starting July 1st.

The bank informed you that if you enroll in an automatic allocation of 10% from each paycheck into a special interest-paying account,

you will receive 8% annual interest compounded monthly on those funds.

At the beginning of which month will the total interest you accumulated exceed $1,000 in that account?

How much money exactly will you have in that account at that time?

Months:	July	August	September
Paycheck (beginning of the month)	$ 11,000.00	$ 11,000.00	$ 11,000.00
Sp. Account Allocation (beginning of the month):
Interest rate	8%
# of bank Payments:	1	2
Amount in Sp. Account (beginning of the month):
Interest accumulated on the account: