Jason estimates that his car loses 12% of its value every year. The initial value is $12,000. Which best describes the graph of the function that represents the value of the car after x years?

A 12% yearly loss means the car keeps 100% − 12% = 88% of its value each year, so its value is multiplied by 0.88 annually. The function is f(x) = 12,000(0.88)^x. As x increases, the value approaches 0 without reaching it, so the graph has a horizontal asymptote at y = 0. Choice C matches both.

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