Devante paid a security deposit of 525 when he signed the lease for his apartment. The money was put into an account earning 2% simple annual interest. After renting for 8 years, Devante got his deposit back. What was the payout balance?

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anonymous · Answer

Sebastian's parents agree to lend him 200  for some gaming equipment, as long as he pays them back 250  in a year's time. What is the rate of simple annual interest in this arrangement?