In the function \( f(x) = 23,000(0.92)^x \), the value of 23,000 represents the starting value of the car. This is the initial price of the new car before any depreciation occurs. As \( x \) increases (representing the number of years the car has been driven), the value of the car decreases due to depreciation, which is modeled by the factor \( 0.92 \).
What does the 23,000 represent?
the function f (x) = 23,000(0.92)
shows how the value
of a new car will depreciate over x years
the annual rate at which the car depreciates.
the starting value of the car.
the number of years the car has been driven.
the decay factor.
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