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 she can afford to set aside $160 per month for savings. Her bank will pay her 3 % per year, compounded monthly, on her savings account. What will be Michelle's balance in five years?