Answer:
$721
Explanation:
The computation of the future value is shown below:
As we know that
Future value = Present value × (1 + interest rate)^number of years
= $700 × (1 + 0.03)^1
= $700 × 1.03
= $721
By applying the future value formula, we can get the value of money after considering the time period and the interest rate
