Is the equation A=3500(1.03)^t a model of exponential growth or exponential decay, and what is the rate of change (% of increase/decrease) per time period?(1 point) Responses exponential growth and 0.03% exponential growth and 0.03% exponential growth and 3% exponential growth and 3% exponential decay and 0.03% exponential decay and 0.03% exponential decay and 3%
The equation A=3500(1.03)^t is a model of exponential growth because the base of the exponent (1.03) is greater than 1. The rate of change in this equation is 3%, which represents the percentage of increase per time period. Therefore, the correct response is "exponential growth and 3%".
