The correct answer is:

Step-by-step explanation:
The exponential form should be like:

Where a = 100
b = 1.0 + 32/100 = 1.32 (since 32% growth every year)
x = Years
Therefore the form would becomes:

Let's verify this form:
After 1 year; x = 1:

= 132 (As expected since there is 32% increase every year; Hence 100 + 32 = 132)
After 2 years; x = 2:

= 174.24 ((As expected since there is 32% increase every year; Hence in first year:100 + 32 = 132 whereas 32% increase of 132 would be 42.24; hence in second year: 132 + 42.24 = 174.24) and so on... (verified)