A bank account earns \( 3 \% \) interest per year. If you deposit \( \$ 1,000 \) into the account, what equation would you use to determine how much will be in the account after 5 years? (1 point) \( y=5(0.03)^{1,000} \) \( y=5(1.03)^{1,000} \) \( y=1,000(1.03)^{5} \) \( y=1,000(0.03)^{5} \)

To determine how much will be in the account after 5 years, you would use the equation \( y=1,000(1.03)^{5} \). This formula represents the principal amount (the initial deposit) multiplied by the growth factor (1 plus the interest rate) raised to the power of the number of years, which in this case is 5. This method of calculating future value with compound interest allows you to see how depositing a fixed amount of money can grow over time due to accrued interest. If you keep the money in the account longer or add more deposits, the account balance can skyrocket thanks to the power of compounding!