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Devante paid a security deposit of five hundred twenty−five dollars when he signed the lease for his apartment. The money was put into an account earning two percent simple annual interest. After renting for 8 years, Devante got his deposit back. What was the payout balance?
four hundred forty−one dollars
five hundred thirty−two dollars
five hundred ninety−five dollars
six hundred nine dollars
can you please tell me how to solve this?
first you would have to use the equation I=PRT . [I=525 x .02 x 8] the interest would equal 84. then because you need the balance you would add P to the Interest it would be 525 + 84 = 609.