Answer:
Principal or Initial Amount of Money
Step-by-step explanation:
Given, f(x) = 3005(1+0.03)^x.
Now, comparing with f(x)= ab^x where
a = initial value
b = rate of growth
x = time or period
This, function is an exponential growth function. So by comparing we get a= 3005 which is the initial value b = 0.03.
But in this case according to the question, the function f(x)= 3005(1+0.03)^x represents the amount of money in a savings. So the answer is 3005 which is the initial money.
