Answer:
The investment will generate $ 60 in interest, with which the new balance will be $ 1060.
Step-by-step explanation:
To determine how much interest would $ 1,000 earn in one year at a rate of 6%, compounded annually, and what would be the new balance, the following calculations must be performed:
1000 x (1 + 0.06 / 1) ^ 1x1 = X
1000 x 1.06 ^ 1 = X
1000 x 1.06 = X
1060 = X
Therefore, the investment will generate $ 60 in interest, with which the new balance will be $ 1060.
