Michelle is attending college and has a$$ part$-$time job. Once she finishes$$ college, Michelle would like to relocate to a metropolitan area. She wants to build her savings so that she will have a$$ "nest egg" to start her off. Michelle works out her budget and decides that she can afford to set aside $$160$ per month for savings. Her bank will pay her $1$ percent interest compounded monthly on her savings account.

What will$$ Michelle's balance be in five$$ years? $$