Energy is transferred to the rubber band when it is stretched, becoming its potential energy.
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Transferred energy becomes potential energy if it doesn’t alter an object’s velocity.
Energy gets stored when work is done on an object, transferring energy to it.
The work done by gravity depends on the difference in vertical heights between the initial and final positions of the object. It is independent of the path taken to move the object between these two points.
Potential energy signifies the stored energy in objects, whether it’s a wound-up spring or a stretched rubber band, resulting from their position or configuration.