The correct option is exponential
Steps
Let's check if the data is linear. Recall that the general form for a linear equation is:

Since the slope should be constant, we can check across two data points.
Using points (3, 48) and (4, 12). The slope(m) is:

Using the points (4,12) and (5, 3). The slope(m) is :

Since, the slope is inconsistent, the table is not linear
To check if it is exponential,
Recall that the general equation for an exponential function is :

Using the data points (3,48) and (4,12), we can solve for the constant a, and then check if it is the same across the table.

Check:
using points (4,12) and (5,3)

Since a is constant across data points, the table represents an exponential equation