NUMBER OF FARMS. The number N of farms in the United States has declined continually since 1950. In 1950 there were 5,647,800 farms, and in 1995 that number had decreased to 2,071,520. Assuming that the number of farms decreased according to the exponential model:
A). Find the value of k, and write an exponential function that describe the number of farms after time t, in years, where t is the number of years since 1950.
B). Estimate the number of farms in 2000, 2005, and 2010.
C). At this decay rate, in what year will only 100,000 farms remain?
Exponential functions are used to describe the decease in farms.