What is the future value of $700 deposited for one year earning a 8% interest rate annually

I = PRT

I = 700 * 0.08
I = 56

700 + 56 = ?

756

To calculate the future value of a deposit, you can use the formula for compound interest:

Future Value = Principal * (1 + Interest Rate)^Time

In this case, the principal amount is $700, the interest rate is 8% (or 0.08 as a decimal), and the time period is one year.

Future Value = $700 * (1 + 0.08)^1

Calculating the exponent:

Future Value = $700 * (1.08)^1

Simplifying the calculation:

Future Value = $700 * 1.08

Future Value = $756

Therefore, the future value of a $700 deposit after one year earning an 8% interest rate annually would be $756.

To calculate the future value of an investment, we can use the formula:

Future Value = Principal * (1 + Interest Rate)^Time

In this case, the principal (P) is $700, the interest rate (r) is 8%, and the time (t) is 1 year.

Using this formula, we can plug in the values and calculate the future value:

Future Value = $700 * (1 + 0.08)^1 = $700 * (1.08) = $756

Therefore, the future value of $700 deposited for one year earning an 8% interest rate annually is $756.