$1,000 invested today at 6% interest would be worth ________ one year from now
A) $1,600
B) $1,060
C) $1,160
D) $1,006

Name: $1,000 invested today at 6% interest would be worth ________ one year from now A) $1,600 B) $1,060 C) $1,160 D) $1,006
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Question

Quizplus · Accepted Answer

To calculate the value after one year, we need to use the formula:

Future Value = Present Value x (1 + Interest Rate)

Using the given values, we have:

Future Value = $1,000 x (1 + 0.06) = $1,060

Therefore, the answer is B) $1,060.

$1,000 Invested Today at 6% Interest Would Be Worth ________