My Nikon 990 would not do raw but normal format yes, so I suspect your 8700 can too even with .NEF, but in a different work flow.
from Dpreview http://www.dpreview.com/reviews/nikoncp8700/page5.asp
Exposure Compensation ... [+/-] button. Hold this button and rotate the command dial to select exposure compensation in the range of -2.0 EV to +2.0 EV in 0.3 EV steps.
In manual mode you can select both shutter speed and aperture (switch between the two by tapping the MODE button). A value display on the control panel will indicate how much the image would be under or over exposed with a particular exposure setting as well as an on-screen exposure meter. Also, available in Manual Exposure mode are BULB exposures, with this, the shutter will stay open for as long as the shutter release button is held, up to a maximum of 5 minutes. *
Besure to determine and set the AWB white balance for the ambiant lighting.. cloudy, Daylight, Incandescent, flourescent
For shooting bracketing Nikon raw .nef's maybe your 8700 can not do "Automatic exposure bracketing" AEB but have you considered taking Manual bracketing ?
I am really guessing here but rotate the dial to M or manual. Set the camera to aperture f/stop to read f/8.
click stop 1
Dial the shutter speed to 0 [mid mark] for normal exposure on the EV scale take your first image.
Dial the EV scale index mark to -2 or two stops underexposed.
Dial the EV scale index mark to +2 or two stops over exposed.
Rotate the camera to click stop 2 Wash, rinse and repeat for click stop 3 and so on.
You are doing the same thing dSLRs can do with automatic exposure bracketing.. just alittle more finger work.
Are we having fun yet ???
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