Find your Math Personality!

Find your Math Personality!

# $1,000 invested today at 6% Interest would be worth ________ one year from now.

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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