Pinned squares

What is the total number of squares that can be made on a 5 by 5 geoboard?
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Problem



Pin those squares down! A geoboard is a piece of wood with pins hammered into it. The diagram shows a 5 by 5 board with 25 pins set out in a square array. Squares are made by stretching rubber bands round specific pins as shown. What is the total number of squares that can be made on a 5 by 5 board? 

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Pinned Squares


How many squares can be made on an N by N board?

 
A virtual pinboard is available here.