PLEASE HELP ASAP The expression 1,000(1.0175)^2t describes the amount of money in a savings account after t years. Complete the statements.

The interest rate is compounded (1 time, 2 times, 4 times, 12 times) each year.

The annual interest rate on the account is (1.75%, 3.50%, 3.53%, 3.56%)

2 times each year, 3.5%

Explanation:

So, lets look at our expression:

1000(1.0175)^2t

So, we know that 1000 is the dollar count

We know that 1.0175 is the percentage(In decimal form)

We also know that 2t is the compounding every year.

t on its own is a yearly compounding.

What does the 2 mean? This means that for each t, its multiplyied by 2.

Basically, for each year, the dollar count is compounded 2 times.

This first fill-in box 2 times.

Next we have the annual intrest rate on the account.

Lets go back and look at our decimal form percentage:

1.0175

Now, to convert it to percentage  form, we must multiply it by 100:

1.0175*100

=

101.75%

Remember than for a value to increase, it has to be over 100% So tecnically, this is a increase of:

1.75%

But now, we already have figured out that this compunds twice a year,

1.75% is only a single compounding.

So we must multiply this by 2:

1.75%*2

=

3.5%

So the answer to the second fill-in box is 3.50%

Hope this helps! :)

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