If you deposit $500 in the bank and if you are receving 5% intrest per year. How much your money will be after 5 years?

Depends how often it is compounded. The formula is at the followiong link:

http://www.studyfinance.com/lessons/timevalue/index.mv?page=03

all of it

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To calculate the value of your money after 5 years with a 5% interest rate, we need to know how often the interest is compounded. Compounding refers to the frequency at which the interest is added to the initial deposit. It can be compounded annually, semi-annually, quarterly, or monthly, among other options.

If the interest is compounded annually, you can use the following formula to calculate the future value:

FV = PV * (1 + r/n)^(n*t)

Where:
- FV is the future value of your money after t years,
- PV is the present value or initial deposit ($500 in this case),
- r is the interest rate (5%),
- n is the number of times the interest is compounded per year, and
- t is the number of years.

Let's assume the interest is compounded annually. In this case, n would be 1 because the interest is compounded once per year. Plugging in the values, we get:

FV = 500 * (1 + 0.05/1)^(1*5)
= 500 * (1 + 0.05)^5
= 500 * (1.05)^5
≈ $638.14

So, if the interest is compounded annually, your money will be approximately $638.14 after 5 years.

However, if the interest is compounded differently, such as monthly or quarterly, you would need to use the appropriate formula or calculator to get the precise answer.