Jim is opening an interest-accruing checking account which compounds interest monthly. The amount in the account, in dollars, after t years is shown by the following expression.
3700(1.03)^12t
Which statement below best describes the exponent, 12t?
A.
the amount of the yearly earnings
B.
the number of times the account has compounded since it was opened
C.
the rate at which the account is increasing
D.
the amount of the initial deposit