$1$ point$($s$)$

possible

Future Value. Kyle has $$1,000$ in cash received for high school graduation gifts from various relatives. He wants to invest it in a certificate of deposit $($CD$)$ so that he will have a down payment on a car when he graduates from college in five years. His bank will pay $1\mathrm{.}5\%$ per year, compounded annually, for the five$-$year CD$.$ How much will Kyle have in five years to put down on his car?

In five years, the amount Kyle will have to put down on his car is $$.($Ignore the effect of income taxes and round your answer to the nearest cent.$)($Use your financial calculator or you may use the Financial Tables in Appendix C in computing your answer, $)$