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

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 + 60)

= $ 1060

We know that, if,

Principal =  P unit

Rate of annual simple interest = R%  

Time = T year

then, amount, A =   unit

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