Final answer:
After three years, Jillian's ending balance in her savings account, considering all deposits, monthly fees for the first 10 months, and a 1% annual interest rate awarded at the end of each year, will be $3,535.
Step-by-step explanation:
Let's calculate the ending balance in Jillian's account after three years, considering a monthly deposit and account fees. Jillian deposits $100 each month into the savings account. The account charges a $10 monthly fee if the ending balance isn't $1,000 or higher. After three years, including the awarded interest at a 1% annual rate, the final balance must be determined.
For the first 10 months, each $100 deposit is reduced by a $10 fee, effectively depositing $90 per month. Starting from month 11, there's no fee since the balance exceeds $1,000 with the deposit made at the beginning of the month (($90 x 10) + $100 > $1,000).
First-year breakdown:
Months 1-10 deposit = $90 x 10 = $900
Months 11-12 deposit = $100 x 2 = $200
Total first-year deposits = $900 + $200 = $1,100
For the next two years, Jillian deposits $100 each month with no fees:
Yearly deposit without fees = $100 x 12 = $1,200
Total deposit for the next two years = $1,200 x 2 = $2,400
Calculating total balance before interest:
Total deposits over three years = $1,100 + $2,400 = $3,500
Applying the 1% annual interest on the final balance and rounding to the nearest dollar:
Interest earned = 1% of $3,500 = $35
Ending balance after interest = $3,500 + $35 = $3,535
Thus, after three years, Jillian's ending balance after interest is $3,535.