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Dilbert invests $8,000 into an account at an annual rate of 0.3% simple interest for 24 months.

1) What is the Principal in this scenario?

2) What is the interest rate for this account?

3) What number do you use to represent the interest rate in the simple interest formula?

4) What is the length of time of this investment, in years?

5) Calculate the simple interest earned on this account.