The problem involves calculating simple interest, and the formula for simple interest is:

$I = P \times r \times t$

Where:

• $I$ is the interest.
• $P$ is the principal amount (initial deposit).
• $r$ is the annual interest rate (expressed as a decimal).
• $t$ is the time in years.

Given:

• $P = 8000$
• $r = 2\% = 0.02$
• $t = 3$ years

Now, let's plug these values into the formula:

$I = 8000 \times 0.02 \times 3 = 480$

So, Yolanda will be paid $480 in interest over the first 3 years.

Would you like further details or explanations on this? Here are some related questions you might find useful:

1. How does compound interest differ from simple interest?
2. What happens if the interest rate is increased to 5%?
3. How would the interest change if the deposit amount was $10,000?
4. Can you calculate interest for a longer time period, like 5 years?
5. How is simple interest used in loans compared to savings accounts?

Tip: Always remember to convert percentages into decimals when using them in formulas!