The correct answer is B) two times. In a single-phase alternating current (AC) circuit, the current flow reverses direction periodically, resulting in two peaks of maximum current in each cycle. This is because the direction of the current flow changes from positive to negative and back to positive, causing the current to reach a maximum value twice per cycle. The other answer choices are incorrect because: A) one time is incorrect as the current peaks twice per cycle; C) three times is incorrect as the current only peaks twice per cycle; and D) four times is incorrect as the current only peaks twice per cycle in a single-phase AC circuit.