Step 1 :The rate of change of the amount of the substance is given by the differential equation \(\frac{dN}{dt}=-0.062N\). This is a first order linear differential equation. The general solution to this type of equation is given by \(N(t) = N_0 e^{kt}\), where \(N_0\) is the initial amount of the substance, \(k\) is the rate of decay, and \(t\) is the time. In this case, \(k = -0.062\).
Step 2 :So, the exponential function that models the decay is \(N(t) = N_0 e^{-0.062t}\).
Step 3 :Final Answer: The exponential function that models the decay is \(\boxed{N(t) = N_0 e^{-0.062t}}\).