Lola's savings, S, grow according to the equation S=500(1.01)t, where t is the number of years since she opened her savings account.
Which statements are true? Select all that apply.
1. Lola's savings account grows by 1% each year.
2. The initial amount deposited by Lola was $500.
3. The growth of Lola's savings account is exponential.
4. The value of S is 500 when t is 0.