The correct exponential equation that models the situation of the fox population growing at a rate of 3% per year is:
y = 78(1.03)^x
(y is equal to 78 times 1.03 to the x-th power)
Now, to complete the statement for how many foxes will be in the park after 8 years, we can use the equation:
\[ y = 78(1.03)^8 \]
Calculating this:
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Calculate \(1.03^8\): \[ 1.03^8 \approx 1.26677 \]
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Now multiply it by 78: \[ y \approx 78 \times 1.26677 \approx 98.86 \]
Rounding to the nearest whole number gives:
After 8 years, there will be approximately 99 foxes in the park.