Total Marks: $30$ marks

Question $1(5$ marks$)$

Suppose you wish to determine the future value of a series of deposits of $$1,000,$ deposited each year in the No Fault Vault Bank for five years, with the first deposit made today. If the NFV Bank pays $5\%$ interest on the balance in the account at the end of each year and no withdrawals are made, what is the balance in the account at the end of the five years?