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The amount of interest William can expect to earn over the lifetime of the bond can be calculated using the formula:
Interest = Principal x Rate x Time
Where:
Principal = $3,000
Rate = 5% or 0.05
Time = 8 years
Interest = $3,000 x 0.05 x 8
Interest = $3,000 x 0.40
Interest = $1,200
Therefore, William can expect to earn $1,200 in interest over the lifetime of the bond.