It could mean 1. simple interest 2. compound interest
1.simple interest so just 8% of that 700 is added on find 8% of 700 8% of 700=0.08 times 700=0.56 6 years=0.56 times 6=3.36 add 3.36+700=703.36
2. compound interst
that means the each year, it gives you 8% on that new thing so 8%=0.08 so each year, it is multiplied by 1.08 since you add the original (1) to the 8% 0.08 so 6 years means 700 times 1.08^6=700 times 1.08 times 1.08 times 1.08 times 1.08 times 1.08 times 1.08=1110.81
answers are if simple interest=$703.36 if compound interst=$1110.81
