+122 It's January 1st, and Jillian is starting a new savings plan. Her savings account charges a $10 monthly fee for any month where she does not have an ending balance of $1,000 or higher. At the beginning of each month, she deposits $100 into her account. At the end of the year, her bank awards her an interest at the rate of 1%, rounded to the nearest dollar, calculated on the ending balance.
After three years, what is her ending balance after interest?
Jan. 1 $100 =$100
Feb.1 -$10 + $100 =$190
Mar.1 -$10 + $100 =$280
Apr.1 -$10 + $100 =$370
May 1 -$10 + $100 =$460
Jun.1 -$10 + $100 =$550
Jul. 1 -$10 + $100 =$640
Aug.1 -$10 + $100 =$730
Sep.1 -$10 + $100 =$820
Oct. 1 -$10 + $100 =$910
Nov.1 -$10 + $100=$1000
Dec. 1 $0 + $100 =$1,100
Dec.31 $1,100 x 1.01 =$1,111 - End of year one.
Dec.31 $1,111 + $1,200 =$2,311 x 1.01 =$2,334.11 - End of year two.
Dec.31 $2,334.11 + $1,200 =$3,534.11 x 1.01 =$3,569.45 = $3,569 - Balance at end of year three.
