Algebra 1.5.17 Cool-down: How CO summitlearning.org/my/projects/1493766/a Y O L Ask How Often Is It Calculated? - Stop and Revise for Request Feedback E help Algebra1.5.17 Cool-down: How Often Is It Calculated? [STUDEN-Dravid Perez-Editing - T Text Highlight Paragraph +Insert Comment Cool Down Lesson 17: Different Compounding Intervals Cool Down: How Often Is It Calculated? 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)* b. 1,000-((1 + 0.015))* c. 1,000((1 + 0.015)6)* d. 1,000-((1 + 0.03))* 2019 by Illustrative Mathematics