The value of the account at the end of 1 year is $10,500
The value of the account at the end of 2 years is $11,025
The value of the account at the end of 3 years is $11,576.25
<h3>What is the total at the end of the years?</h3>
If the amount of interest that is added into the account at the end of the year. Both the initial amount in the account and the interest that has already been earned would increase in value each year. This is known as compound interest.
The formula that can be used to determine compound interest is:
FV = P (1 + r)^n
Where:
FV = Future value
P = Present value
R = interest rate
N = number of years
Value of the account at the end of 1 year: 10,000 x (1.05) = $10,500
Value of the account at the end of 2 years: 10,000 x (1.05²) = $11,025
Value of the account at the end of 3 years: 10,000 x (1.05³) = $11,576.25
To learn more about future value, please check: brainly.com/question/18760477
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