Question

I deposited 800 in my account a year later i get 56dollars in my account at what rate of intrest was i paid on my savings

Answer 1

Total = Principal * (1 +rate)^years since years = 1 then
Total = Principal * (1 +rate)
856 = 800 * (1+ rate)
856 / 800 = (1+ rate)
1.07 = (1+ rate)
rate = .07 or 7%