In the exponential decrease function, the rate of decline is approximately 17.7%
An exponential function is a Mathematical function in the form f (x) = ax, where “x” is a variable and “a” is a constant which is called the base of the function and it should be greater than 0. The most commonly used exponential function base is the transcendental number e, which is approximately equal to 2.71828. An exponential curve grows, or decay depends on the exponential function. Any quantity that grows or decays by a fixed per cent at regular intervals should possess either exponential growth or exponential decay.
In this problem, we can write an exponential function as
58000 = 1763000(1 + x)⁻²¹
Solving for x
x = 0.1765
Converting this into percentage;
x = 0.1765 * 100 = 17.7%
The rate is 17.7%
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