help please explain in leyman terms. with a formula. not just the numbers thank you

When you were born, your dear old Aunt Minnie promised to deposit $500 into a savings account bearing a 5% compounded annual rate on each birthday, beginning with your first. You have just turned 21 and want the dough. However, it turns out that dear old (forgetful) Aunt Minnie made no deposits on your eleventh birthday How much is in the account right now