The function C(t)=C0 (1+r)^1 models the rise in the cost of a product that has a cost of C0 today, subject to an average yearly inflation rate of r for t years. If the average annual rate of inflation over the next 5 years is assumed to be 3.5%, what will the inflation-adjusted cost of a $487 bicycle in 5 years? Round to two decimal places.​