The amount of money in a savings account after t years is represented by the function f(t)=500(1.015)t. what does the value 500 represent in this situation? the amount of money in the savings account decreases by $500 each year. the amount of money in the savings account increases by $500 each year. the amount of money in the savings account is 500 times the amount of the previous year. the initial amount in the account is $500.

The initial amount in the account is $500.

Step-by-step explanation:

The amount of money in a savings account after t years is represented by the function f(t)=500(1.015)t.

General form of exponential growth function is

y is the accumulated amount

a is the initial amount in the account

r is the rate of interest

t is the time period

Here 500 is the initial amount in the account.

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step-by-step explanation: