The population of a town after t years is represented by the function f(t)=7,248(0.983)t. What does the value 0.983 represent in this situation? The population of the town increases by 0.983 each year. The initial population of the town is 0.983. The population of the town decreases by 0.983 each year. The population of the town is 0.983 times the population of the town in the previous year.