A savings account pays a 3% nominal annual interest rate and

Last updated: 8/7/2022

A savings account pays a 3% nominal annual interest rate and has a balance of $1,000. Any interest earned is deposited into the account and no further deposits or withdrawals are made. 1). Write an expression that represents the balance in one year if interest is compounded annually. 2). If interest is compounded semi-annually (every six months), what interest rate would be used for each calculation? 3). If interest is compounded semi-annually, which expression represents the account balance in t years? a). 1,000 (1+0.015)^t b). 1,000((1 +0.015)²)^t c). 1,000((1 +0.015)^6)^t d). 1,000((1 +0.03)²)^t ⠀