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 increases by $500 each year.

The amount of money in the savings account is 500 times the amount of the previous year.

The amount of money in the savings account decreases by $500 each year.

The initial amount in the account is $500.