The equation, 687.5 = 550(1 + 0.05t), represents the amount of money earned on a simple interest savings account. What does the value 550 represent? The value 550 represents the initial balance in the account, which means the account started with $550. The value 550 represents the final balance in the account, which means the account balance ended with $550. The value 550 represents the final balance in the account, which means the account balance started with $550. The value 550 represents the amount of interest earned, which means $550 was added to the initial balance