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How much will you have saved after 6 years by contributing 1,200 of each year if you expect to earn 11% on the investment?
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Without interest 1200 a year is 7200 after 6 years (6×1200=7200). Assuming simple interest we then need to calculate 11% of 7200=11×72=792. Add this to 7200 and the total comes to 7992.

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