Answer
$\$ 590.66$
Work Step by Step
The present value of an investment earning interest at$\\$
an annual rate of r$=5.3\%=0.053 \\$
compounded m$=4$ 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{0.053}{4})^{4(10)}}\approx$590.657201566$\\\\$
rounded to the nearest cent: $\$ 590.66$