Question

What is the percent rate of change in function y = \((0.99)^x\)? Determine whether the function represents exponential growth or exponential decay.

1%; exponential growth
1%; exponential decay
10%; exponential growth
0.1%; exponential decay

My work:
1 + r = 0.99
1 + (-0.01) = 0.99
\[0.01 \times 100 = 1\]

So 1%; exponential decay?