Final answer:
The initial amount is 250 and the growth rate is 0.2 in the equation y=250(1.2)^t.
Step-by-step explanation:
The initial amount in this equation is 250. The growth rate is 0.2. The equation y = 250(1.2)^t represents exponential growth, where t represents the time in the given context. The base of the exponential expression is 1.2, which is greater than 1, indicating exponential growth. For example, when t=1, y=250(1.2)^1 = 250(1.2) = 300. This means that the amount grows by 20% each time period.