A Savings Account Earns 1 Percent Interest Per Month on the Sum

Multiple Choice

A savings account earns 1 percent interest per month on the sum of the initial amount deposited plus any accumulated interest. If a savings account is opened with an initial deposit of $1,000 and no other deposits or withdrawals are made, what will be the amount in this account at the end of 6 months?

A) $1,060.00
B) $1,061.52
C) $1,072.14
D) $1,600.00
E) $6,000.00