Determine what type of model best fits the given situation: the value of a classic car is presently $50,000 and is increasing in value by 5% per year. a. exponential b. linear c. quadratic d. none of these

The model that best fits the given situation is:

                 A.  exponential                

Exponential function--

A function which is given by the expression:

is said to be a exponential function where a is the initial value and b is the change in the function.

such that the function is decreasing by a rate r% then,

  b=1-r and the function is a exponential decay function.

and if the function is increasing by a rate r% then,

   b=1+r and the function is a exponential growth function.

Here,

The value of a classic car is presently $50,000 and is increasing in value by 5% per year.

i.e. a=50,000 and r=5%

and the function is increasing.

i.e.

b=1+5%

i.e.

b=1+0.05=1.05

Hence, the function that describes this situation is given by:

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