Answer :
deposit amount = $1000. this is the present value PV
rate of interest r= 5%
compounded monthly n= 12
time t = 5 years
The balance after 5 years is the future value FV at the end of 5 years
Formula to calculate FV = PV x (1+ r/n)^t*n
FV = 1000 x (1+ 0.05/12)^5*12
FV = $1283.358679
Therefore account balance after 5 years = $1283 (answer rounded off to nearest integer)