The function is called

The function is known as an exponential function. Exponential functions are fascinating because they model many real-world phenomena, including population growth, radioactive decay, and compound interest. The base determines the growth rate; if , the function shows exponential growth, while signifies exponential decay.

In terms of practical application, exponential functions are everywhere! For example, if you save money in a bank account with compound interest, the amount of money you save can be modeled with an exponential function. The continuous growth of investments is a key principle in finance and economics, making it crucial for sound financial planning.