A student was trying to write an exponential function to represent a fish population in a local stream decreasing at a rate of​ 3% per year. The original population was​ 48,000. The student made an error when writing their exponential function. Find and explain the error in the​ student’s work below.

Student’s answer: y=48,000(1.03)^x
Find and explain the error in the given problem.

The error in the student's work is that the exponent should be negative, since the population is decreasing. The correct equation should be y=48,000(1.03)^-x. The negative exponent indicates that the population is decreasing over time.