In a certain geographic location, a herd of elephants is declining at a rate of four percent every year. If there are currently 62 elephants in the herd, create an exponential decay function to model the problem. Let Y represent the number of elephants after t years.
The exponential decay function to model the problem would be:
Y = 62 * (1 - 0.04)^t
where Y represents the number of elephants after t years.