Marcus deposited $200 into a savings account. Marco created an exponential model equation from which his account balance, P, will be determined after t years. The equation is P = 200 (1.05)^t. What does the value 1.05 represent in the context of this situation ?
A) the initial deposit amount
B) the amount that will be added to the account each year
C) the growth factor by which the amount of money increases
D) the exponent to which the amount of money in the account is increased each year