Test: SAT Math

Ted works over the summer and makes $9 per hour.  He works for 20 hours each week for 10 weeks.  After paying 10% in taxes, he buys a bike for $500 and puts the rest of his money in the bank.

1.

If Ted's bank pays 5% interest on the total sum once per year, and Ted doesn't add or remove anything from the account, how much money (rounded to the nearest cent) will Ted have in 5 years?

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