Julian opened a college savings account. The amount of money in his account can be calculated using the function C(t) = 500(1.03)t, where t represents the time in years since the initial deposit. What does the value 500 represent in the function?

a
The amount of money in Julian's account after one year

b
The amount of interest Julian will earn each year

c
The amount of money for Julian's initial deposit

d
The maximum amount of money Julian can earn in his account