BNP Paribas has 800 depositors. Each depositor deposits $1,000 into the bank at t=0. BNP Paribas offers its depositors an 8% interest rate. BNP then uses the deposits to make 2 year simple loans at an interest rate of 8%. Depositors of BNP Paribas can either withdraw their deposits at t=1 or t=2. At t=1, BNP can sell its loans at the initial loan values, if needed.

Assume that each depositor believes that there are a total of 500 depositors who will withdraw at t=1. What does each depositor expect to receive (in $) if the depositor chose to withdraw at t=2? Round your answer to at least 2 decimal places.