The population P (in thousands) of Austin, Texas, during a recent decade can be approximated by
y=494.29(1.03)t,
y=494.29(1.03)t,
where t is the number of years since the beginning of the decade. a. Tell whether the model represents exponential growth or exponential decay. Identify the annual percent increase or decrease in population. c. Estimate when the population was about 590,000.
