Answer: 23%
Step-by-step explanation:
The exponential decay function is given by :-
\(f(x)=b(1-r)^x\), where b is the initial amount , r is the rate of change in x years.
For the given exponential function for compounding interest,
\(A(x)=P(.77)^x\)
It can be written as :-
\(A(x)=P(1-0.23)^x\)
When we compare this equation with the standard equation of exponential decay function we get,
r = 0.23
In percent, the rate of change=\(0.23\times100=23\%\)
