Given the following exponential function, identify whether the change represents growth or decay, and determine the percentage rate of increase or decrease. y=490(0.92)^x

For any exponential function in which the base is less than 1, it will be an exponential decay situation.  In this problem, the base is 0.97.  The amount that the base is less than 1  ( i.e. 1 - base) represents, in decimal form, the percent of decrease, which in this case is 0.03 or 3%.

Step-by-step explanation:

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