okay, Say you put the money in the bank at the END of each yeaar.
How much will you have at the END of 5 years.
Ok
the first deposit of $2548 will be earning 5% pa interest for 4 years
This is how much it will grow to
$${\mathtt{2\,548}}{\mathtt{\,\times\,}}{\left({\mathtt{1.05}}\right)}^{{\mathtt{4}}} = {\mathtt{3\,097.109\: \!925}}$$
that is $3097.10
the second deposit of $2548 will be earning 5% pa interest for 3 years
This is how much it will grow to
$${\mathtt{2\,548}}{\mathtt{\,\times\,}}{\left({\mathtt{1.05}}\right)}^{{\mathtt{3}}} = {\mathtt{2\,949.628\: \!5}}$$
that is $2949.63
the third deposit of $2548 will be earning 5% pa interest for 2 years
This is how much it will grow to
$${\mathtt{2\,548}}{\mathtt{\,\times\,}}{\left({\mathtt{1.05}}\right)}^{{\mathtt{2}}} = {\mathtt{2\,809.17}}$$
that is $2809.17
the forth deposit of $2548 will be earning 5% pa interest for 1 years
This is how much it will grow to
$${\mathtt{2\,548}}{\mathtt{\,\times\,}}\left({\mathtt{1.05}}\right) = {\mathtt{2\,675.4}}$$
that is $2675.40
the fith deposit of $2548 will be earning 5% pa interest for 0 years (you only just now depositied it
So it will still be worth $2548
NOW add all those together and you will see how much your deposits will grow to after 5 years.
$${\mathtt{3\,097.1}}{\mathtt{\,\small\textbf+\,}}{\mathtt{2\,949.63}}{\mathtt{\,\small\textbf+\,}}{\mathtt{2\,809.17}}{\mathtt{\,\small\textbf+\,}}{\mathtt{2\,675.4}}{\mathtt{\,\small\textbf+\,}}{\mathtt{2\,548}} = {\mathtt{14\,079.3}}$$
.