The function f(x) = 3,005(1+0.03)^x represents the amount of money in a savings account where x represents time in years. what does 3,005 represent? a. the amount of money in the savings account after one year b. the amount of money added to the savings account each year c. the growth rate d. the initial amount of money placed in the savings account

Option d. the initial amount of money placed in the savings account

Step-by-step explanation:

we have

This is a exponential function of the form

where

a is the initial value

r is the growth rate

(1+r) is the base

x is the number of years

f(x) is the amount of money in a savings account

In this problem we have

a=$3,005

r=0.03=3%

(1+r)=1.03

therefore

3,005 represent the initial value ( the amount of money for the value of x equal to zero)

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