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Answer:
<em>Student 2 is incorrect because he didn't use the formula properly</em>
Step-by-step explanation:
The exponential function is often used to model natural growing or decaying processes, where the change is proportional to the actual quantity.
An exponential decaying function is expressed as:
Where:
C(t) is the actual value of the function at time t
Co is the initial value of C at t=0
r is the decaying rate, expressed in decimal
The initial value of the item is Co=$1000, the rate of decay is r=40%=0.4, and the time is t=3 years.
Substituting into the formula:
C(3)=$216
Student 2 is incorrect because he didn't use the formula properly