Suppose that, starting in January, on the first day of the each month you deposit $500 into an account which pays 6% annual interest, compounded daily. How much will be in the account on December 31st two years later? You can assume that neither is a leap year, so the months have 31, 28, 31, 30, 31, 30, 31, 31, 30, 31, 30, and 31 days, respectively. Note that you make 24 deposits.

You must explain clearly the steps in your calculation for full credit.