as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
write an equation to calculate the compound interest of $1,000 for 10 years at a 5% interest rate.
user
compound interest = 1000(1 + 0.05)^10 = $1,628.89.
assistant