A car that is purchased for $24,000 is expected to depreciate at a rate of 7% per year. If the function f (x) = abx models this situation, which function could be used to find the value of the car after 10 years?

A) f (x) = 24,000 (0.93) 10

B) f (x) = 24,000 (0.07) 10

C) f (x) = 24,000 (1.07) 10

D) f (x) = 24,000 (10) 1.93

Given that the original cost of the car is $24000 and it depreciates at the rate of 7%, the function that will represent the value of the car after 10 years will be given by:

f (x) = p (r) ^t

where:

p=current cost

r=rate

t=time

but

p=24000, r=100-7=93%=0.93, t=10

thus the function that models the value of the car after 10 years is:

f (x) = 24000 (0.93) ^10

Answer: A) f (x) = 24,000 (0.93) ^10