Savings account is compounded monthly on first day of month

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Reference no: EM131456217

Your savings account is compounded monthly on the first day of each month. Assume you start your account with a $1000 deposit on January 1st. In the next 6 months (February through July), you make deposits of $100 on the fifth day of each month and you make withdrawals of $60 on the 25th day of each month. How much will you have in your bank account on August 1st of the same year? Consider an interest rate of 12% per year.

Reference no: EM131456217

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