[tex]~~~~~~ \textit{Simple Interest Earned}\\\\I = Prt\qquad\begin{cases}I=\textit{interest earned}\\P=\textit{original amount deposited}\dotfill & \$500\\r=rate\to 4\%\to \frac{4}{100}\dotfill &0.04\\t=years\dotfill &2\end{cases}\\\\\\I = (500)(0.04)(2)\implies \boxed{I = 40}[/tex]
