The value of a cell phone decreases exponentially at a rate of 24% each year after its release date. If the initial value of the phone is $700, the situation can be modeled by the equation v(t)=700(0.76)t, where v is the value of the cell phone t years since its release date. Interpret the graph of the equation and identify the true statement.
(1 point)
Responses
As t increases, v increases quickly at first and then slowly.
As t increases, v increases quickly at first and then slowly.
As t increases, v decreases slowly at first and then quickly.
As t increases, v decreases slowly at first and then quickly.
As t increases, v increases slowly at first and then quickly.
As t increases, v increases slowly at first and then quickly.
As t increases, v decreases quickly at first and then slowly.