John is considering investing $1,000 in a savings account that offers an annual interest rate of 6%. The interest is compounded quarterly. He wants to know how much money he will have in the account after 5 years. To calculate the future value of his investment with compounding interest, he can use the future value formula:

$FV = PV imes (1 + r/n)^{nt}$

Where:

• $PV$ = Present Value ($1,000)
• $r$ = annual interest rate (6% or 0.06)
• $n$ = number of compounding periods per year (quarterly = 4)
• $t$ = number of years (5)

Using this information, what will be the future value of John's investment after 5 years?