The function P(t) = 34,000(0.99)^t models a towns population t years after 1980. What does the number (0.99) tell you?

The number (0.99) in the function tells you that the population of the town is decreasing by 1% each year. Every year, the population is being multiplied by 0.99, which represents a decrease of 1% from the previous year's population.