Question

Find the amount after one year on $1,000 invested at 6% per year if interest is simple interest

Answer 1

Answer:

The  amount after 1 year is $ 1060 .

Step-by-step explanation:

The amount after 1 year on $1,000 invested at 6%  per year on simple interest

is given by,

$ $1000 \times (1 + \frac{6}{100})$

= $ (1000 + 60)

= $ 1060

We know that, if,

Principal =  P unit

Rate of annual simple interest = R%  

Time = T year

then, amount, A =  $(P \times( 1 + \frac {R \times T}{100}))$ unit