A=P(1+r/n)^nt
P=Principal deposit - first deposit
r= annual interest rate - percentage (IN DECIMAL FORM !)
n= number of times interest is compounded each year -
annual:1
semiannually: 2
quarterly: 4
monthly: 12
weekly: 52
t= total times in years - self-explanatory
might be wrong so make sure to check! but i would do it as follows:
1000(1+0.07/1)^1(5)
= 1402.551731
