Answer:
The potential energy in the rubber band/pom-pom system is stored in the form of elastic potential energy. When the rubber band is stretched, work is done on the system, and the elastic potential energy of the rubber band is increased. This energy is stored in the rubber band as it is stretched, and it is released when the rubber band returns to its original shape.
When the rubber band is released, the potential energy stored in the rubber band is converted to kinetic energy of the pom-pom. As the rubber band contracts, it exerts a force on the pom-pom, causing it to accelerate and gain kinetic energy. The kinetic energy of the pom-pom is equal to the potential energy stored in the rubber band, minus any energy lost due to friction or air resistance.