Plz help i really need help

Icould really use some with this question.

Aplot of land has been surveyed for a new housing development with borders ab, bc, dc, and da. the plot of land is a right trapezoid with a height of 60 feet and an opposite leg length of 65 feet

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?