Given the following exponential function, identify whether the change represents growth or decay, and determine the percentage rate of increase or decrease.
y = 93(0.65)^x
This exponential function represents decay because the base of the exponential term is less than 1.
To determine the percentage rate of decrease, we need to find the multiplier (common ratio) of the function. In this case, the multiplier is 0.65.
To convert the multiplier to a percentage rate of decrease, we subtract it from 1 and multiply by 100:
(1 - 0.65) * 100 = 0.35 * 100 = 35%
Therefore, the percentage rate of decrease is 35%.