Choice B is the correct answer. The initial value is the coefficient $a$.

1. Identify: In $P(t) = ab^t$, $a$ is the starting amount.
2. Locate: $a = 12000$.

💡 Strategic Tip: The number before the parenthesis is the starting value.

Choice A is incorrect because 1.02 is the growth factor. Choice D is incorrect because 12240 is the population after 1 year.