Given the following exponential function, identify whether the change represents growth or decay, and determine the percentage rate of increase or decrease.
y = 15(0.94)^x
The given exponential function is y = 15(0.94)^x.
Since the base of the exponential term is less than 1 (0.94), we can conclude that this function represents exponential decay.
To determine the percentage rate of decrease, we can compare the initial value of the function to the value when x increases by 1.
When x increases by 1:
y(1) = 15(0.94)^1 = 15(0.94) ≈ 14.1
The initial value is 15 and the value when x increases by 1 is approximately 14.1.
So, the percentage rate of decrease is calculated as follows:
((15 - 14.1) / 15) * 100 = (0.9 / 15) * 100 = 6%.
Therefore, the percentage rate of decrease in this exponential function is 6%.