Answer:
$1,628.89 this is if it is compounded once a year
Step-by-step explanation:
Using the formula A=P[1+(r/n)]^(nt)
where
A=the ending amount
P=starting amount
r=interest rate
n=number of times interest is applied annually
t=time (years)
A=1000(1+(0.05/1))^(10)(1)
A=1000(1.05)^10
A=1000(1.62889)
A=1,628.89
