What is the length of 5cm

Josh has a rewards card for a movie theater he receives 15 points for becoming a rewards card holder he earns 3.5 points for each visit to the movie theater he needs at least 55 points to earn a free movie ticket which inequality can josh use to determine x, the minimum number of visits he needs to earn his first free movie ticket.

The expression 1.01*1.005(^t) gives the amount of money, in thousands of dollars, in carter's savings account (t) years after he opens it. what does 1.01 represent in this expression?

Having a hard time understanding this question (see attachment).