A bank account with an initial deposit of $7,000 and an interest rate of 8% increases by 8% each year. The balance (B) as a function of time in years (t) can be described by an exponential function: B (t) = 7,000(1.08)* What parameter of the exponential form f(x)=ab* +k represents the initial balance of $7,000? Parameter (select) v represents the initial balance of $7,000.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.