You Decide to Deposit $1,000 at a Local Bank for Two

Multiple Choice

You decide to deposit $1,000 at a local bank for two years at a 5% rate of interest compounded annually. What is the future value of your investment? (Use the future value of $1 factor table provided) .
Excerpt of Future Value of $1 Table
$$\begin{array} { | c | c | } \hline \text { Periods } & 5 \% \\\hline 1 & 1.05 \\\hline 2 & 1.10 \\\hline 3 & 1.16 \\\hline 4 & 1.22 \\\hline 5 & 1.28 \\\hline 6 & 1.34 \\\hline 7 & 1.41 \\\hline 8 & 1.48 \\\hline 9 & 1.55 \\\hline 10 & 1.63 \\\hline 11 & 1.71 \\\hline 12 & 1.80 \\\hline\end{array}$$

A) $1,000
B) $1,050
C) $1,160
D) $1,100