Posted by **Muffin** on Thursday, February 21, 2013 at 9:33am.

Find the future value of $800 deposited at 5% for 2 years if the account pays simple interest, and the account pays interest compounded annually

- Math college -
**Tiffany**, Thursday, February 21, 2013 at 9:45am
Find the future value of $700 deposited at 3% for 7 years if the account pays simple interest and the account pays interest compounded annually

- Math -
**JJ**, Thursday, February 21, 2013 at 12:34pm
Simple interest is just:

Interest = Principle x rate x time

be sure to write % as a decimal to 5% = .05 and 3% = .03

You can add your interest to the original value to find the future value.

Compounded annually:

Future value = P(1+ rate)^time

tiffany's problem:

Future value = P(1+.03)^7

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