If you put $500 into a savings account that pays simple interest of 8% per year and then withdraw the money two years later,you will earn interest of $80.
Simple interest = ($500 $\times$ 8%)+ ($500 $\times$ 8%)= $80.

Question

Quizplus · Accepted Answer

The calculation is correct and shows that the interest earned over two years is $80, which is equal to the product of the initial amount ($500), the interest rate (8%), and the duration (2 years). Therefore, the statement is true.

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