Part A $-$ Investment

You invest $$1000$ in a money market account that earns an annual interest rate of $6\%.$

How much money would you have in the account at the end of $1$ year? $($This is known as simple interest.$)1000*6\%=60$

$1,060$ by the end of the $y\text{'}$

Suppose instead that you left your money in this money market account for a total of $5$ years. How much money would you have in the account at the end of $5$ years? $($Keep in mind that interest compounds each year.$)$