The correct answer is B) two times. In a single phase alternating current (AC) circuit, the current peaks twice during one complete cycle - once in the positive direction and once in the negative direction. This is because the alternating current changes direction, flowing first in one direction and then in the opposite direction, causing the current to peak at both the positive and negative extremes. The other answer choices are incorrect because: A) The current peaks twice, not just once, in a single AC cycle. C) The current only peaks twice, not three times, in a single AC cycle. D) The current only peaks twice, not four times, in a single AC cycle.