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 gr

Kyle will have $1,338.23 to put down on his car in five years. Explanation: To calculate this, we can use the formula for compound interest: A = P(1 + r/n)^(nt) where: A = the total amount after time t P = the principal (starting amount) r = the annual interest rate (as a decimal) n = the number of times interest is compounded per year t = the number of years In this case, we have: P = $1,000 r = 0.06 (6%) n = 1 (interest is compounded once per year) t = 5 Plug these values into the formula: A = $1,000(1 + 0.06/1)^(1*5) A = $1,000(1.33823) A = $1,338.23 Therefore, after five years of investing in the CD, Kyle will have $1,338.23 to put down on his car.