A person deposits $1000 at the end of each year into an annuity earning 5% interest compounded

Question:

A person deposits $1000 at the end of each year into an earning 5% interest compounded annually? How many years are required for the balance to reach $30,539? After how many years will the balance exceed $50,000?
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...