Given the following exponential function, identify whether the change represents growth or decay, and determine the percentage rate of increase or decrease. y=550(0.97)^x

The exponential function is that of decay

The percentage decrease is by 3%

Step-by-step explanation:

The exponential equation we are considering is;

y = 550(0.97)^x

Now to know if it’s decay or growth, we shall be considering what we have in the bracket

Mathematically, we can express 0.97 as follows

0.97 = 1-0.03

So what does this means? There is a decrease in subsequent values from one value of y to another.

This means that the equation is for decay as the term raised to an exponent is less than 1.

Now we want to determine the percentage rate of increase or decrease

What we need to do is to represent the 0.03 difference infraction

That would be 3/100

So this means that the percentage decrease is by 3%

the monthly balance will be $75,000

207/8 is the right