We will be using the concept of Simple Interest to solve this.
Answer:$1,000 invested today at 6% interest would be worth $1,060 one year from now.
Let us solve this step by step.
Explanation:
Simple Interest formula:
A = P [1 + (rt)]
Where,
P = Principal = $1,000
r = Annual interest rate in decimal = 6% =6/100 = 0.06
t = Time in years = 1 (As the interest is annual)
A = Amount
A = P[1 + (rt)]
A = 1000 × [1 + (0.06× 1)]
A = 1000 × [1 + 0.06]
A = 1000 + 60
A = 1060
Thus,$1,000 invested today at 6% interest would be worth $1,060 one year from now.
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