How much will you have in your bank account on august 1st, Accounting Basics

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How much will you have in your bank account on august 1st

Problem

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.

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