Answer:
Step-by-step explanation:
You don't say whether this is compound interest or simple interest.
I will assume it's compounding that interests you.
The appropriate formula is
A = P(1 + r)^t, where r is the interest rate as a decimal fraction, t is the time in years, and P is the original amount. Thus:
A = $1000·(1 + 0.05)^t, or A = $1000·(1.05)^t
Please note: There were apparently possible answer choices. Next time, please be sure to list such choices. Thank you.
