Adeline invests $5,250 in an account that is compounded annually and pays an interest rate of 3.4% each year. Which of the following statements is correct?

A. This situation is an example of exponential decay with a factor of 3.4 and
an initial amount of $178.50.
B. This situation is an example of exponential decay with a factor of 0.034
and an initial amount of $5,250.
C. This situation is an example of exponential growth with a factor of 1.034
and an initial amount of $5,250.
D. This situation is an example of exponential growth with a factor of 1.034
and an initial amount of $178.50.