Lincoln’s parents invested $5,000 in a college savings account when he was born. If the account has a growth rate of 12%, the situation can be modeled by the equation a(t)=5,000(1.12)^t
, where a is the amount after t years. Which one of the following statements is true about the graph of the function?
Option #1: As t increases, a increases slowly at first and then quickly.
Option $2: As t increases, a increases quickly at first and then slowly.
Option #3: As t increases, a decreases slowly at first and then quickly.
Option #4: As t increases, a decreases quickly at first and then slowly.
(1 point)
Option #
is the true statement.