Dollar 1000 invested today at 6 percent interest after one year from now will be dollar Select one: a

Finance Aug 05, 2020

Dollar 1000 invested today at 6 percent interest after one year from now will be dollar
Select one:
a. 1006
b. 1600
c. none of the above
d. 1160
e. 1060

Expert Solution

PV=$1000

Interest rate=6%

n=1

FV=PV*(1+r)^n=1000*(1+6%)^1=1000*1.06=$1060

Hence option e is correct.

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