In order to pay back a debt, Mark has set up a bank account. He has asked that 11% of the total amount in the account be withdrawn each month as a payment towards his debt. If Mark started the account with $9,554.00, and has not made any further deposits what would the approximate balance in the bank account be after 16 months?

(Hint:use the formula for depreciation, y=A(1-r^t) where A is the initial amount in the account, r is the withdraw rate and percentage terms, and t is the amount of time that has been that has passed in months.)