Kyle has $ 1,000 in cash received for high school graduation gifts from various relatives. He wants

Question:

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 6% for the five- year CD. How much will Kyle have in five years to put down on his car?