Given the following exponential function, identify whether the change represents growth or decay, and determine the percentage rate of increase or decrease.

y = 530(1.04)^x

This exponential function represents growth because the base of the exponential term is greater than 1. Specifically, the growth rate is 4%.

To find the growth rate, you would subtract 1 from the base of the exponential term (1.04) and convert it to a percentage:

1.04 - 1 = 0.04 = 4%

So, the exponential function represents growth at a rate of 4% per unit increase in x.