Assume that you open a bank account that promises a fixed rate of interest of 3% per year for 5 years, with monthly compounding. The bank allows you to make additional contributions. Suppose that you make a monthly deposit of $1,000 at the end of each month for 5 years (and do not take any withdrawals until the end of 5 years). You judge that the bank will remain solvent for at least 5 years. Given this information, which of the following formulas is the correct one for calculating your balance in 5 years? FV = 1.000 (1+0.03/12),60-1 (0.03/12) FV = 1,000 FV = 1.000 1-(1+(0.03/12))-60 (0.03/12) FV = 1.000 1-(1+0.03)-5 0.03 FV = 1,000 (1+0.03)6 1 0.03