Final answer:
The value of 1 unit of currency is $1.
Step-by-step explanation:
To find the value of $1, we need to determine how much $600 will grow to in 1 year with a simple interest rate of 5% per annum, which is $120. We can use the formula for simple interest: I = P * r * t, where I is the interest, P is the principal amount (initial deposit), r is the interest rate, and t is the time period in years.
So, in this case, we have $120 = $600 * 0.05 * 1. Now, let's solve for $1: $1 = $120 / ($600 * 0.05 * 1) = $1.
Therefore, the value of 1 unit of currency in this scenario is $1.