Suppose that you deposit $1,000 in a savings account at Wachovia Bank and plan to leave your principal and any interest in the account for 5 years. The interest rate each year is 3%. The bank pays interest once per year; hence, the compounding period is annually. What is the future value of your account at the end of the holding period?

Do not round at intermediate steps in your calculation. Round your final answer to the nearest penny. Do not type the $ symbol.