Lesson 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 2 c 1 000 1 0 015 d 1 000 1 0 03