Answer:
$943.39622
Step-by-step explanation:
A = final amount, = 1000
Interest, r = 6% = 0.06
Time, t = 1
Principal, P = amount you can borrow today
Using the simple interest formula :
A = P(1 + rt)
1000 = P(1 + 0.06*1)
1000 = P(1 + 0.06)
1000 = P(1.06)
P = 1000 / 1.06
P = 943.39622
