Answer
$\$ 613.91$
Work Step by Step
The present value of an investment earning interest at$\\\\$
an annual rate of r$=5\%=0.05 \\$
compounded m$=1$ times per year $\\$
for a period of t$=10$ years,$\\$
with future value FV$=1000$ is$\\\\$
$ PV=\displaystyle \frac{FV}{(1+\frac{r}{m})^{mt}}=\frac{1000}{(1+\frac{0.05}{1})^{1(10)}}\approx$613.913253541$\\\\$
rounded to the nearest cent: $\$ 613.91$