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,
$ [tex]1000 \times (1 + \frac{6}{100})[/tex]
= $ (1000 + 60)
= $ 1060
We know that, if,
Principal = P unit
Rate of annual simple interest = R%
Time = T year
then, amount, A = [tex](P \times( 1 + \frac {R \times T}{100}))[/tex] unit
