Answer
$\$ 747.26$
Work Step by Step
The present value of an investment earning interest at$\\\\$
an annual rate of r$=6\%=0.06 \\$
compounded m$=1$ times per year $\\$
for a period of t$=5$ years,$\\$
with future value FV$=1000$ is$\\\\$
$ PV=\displaystyle \frac{FV}{(1+\frac{r}{m})^{mt}}=\frac{1000}{(1+\frac{0.06}{1})^{1(5)}}\approx$747.258172866$\\\\$
rounded to the nearest cent: $\$ 747.26$