Savings after 6 years would be $ 1992.
Savings is the money that remains after expenses and other commitments have been subtracted from income.
Savings are the sum of money that would otherwise be lying about, not being risked on investments or used for consumption.
Savings and investing can be compared because the latter includes putting money at risk in an effort to try to increase wealth.
Indicators of household debt or a negative net worth include negative savings.
According to the question,
Amount contributed(P)= $1200
Rate(R)= 11%
Time(T)= 6 years
Interest(SI)=P*R*T/100
= 1200*11*6/100
= 792
Savings after 6 years = P+ SI
= 1200 + 792
= $ 1992
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