A bank pays simple interest at the rate of 5% per annum on all deposits. Interest is credited to the account quarterly on March 31st, June 30th , September 30th and December 31st, based on the minimum quarterly balance for that period. If a person opens an account with a deposit of $ 40,000 on January 1st. They then make a withdrawal of $ 3,000 on 10th June. If there were no further transactions (deposits or withdrawals), how much interest will be credited to the account on December 31st.