Rebecca has a college savings plan. the equation represents how much money she expects to have saved after x years is f(x) = 5000(1.08)^x. What does the value 1.08 represent in the equation? Select all that apply.

- The value increases by 896 each year
- The initial amount saved
- The rate of growth is 8% each year
- The rate of growth is 108% each year
- The time it takes to have $5,000 saved