Question

If we invest $14000, at 8% simple interest, how much will we have saved in 11 years?

Answer 1

$26,320

Explanation:

total amount saved = principal + interest

Simple Interest = principal x interest x time

$14,000 x 0.08 x 11 = $12,320

Total amount saved = $12,320 + $14,000 = $26,320