Problem

Interpret $V(t)=20000(0.85)^t$ for a car's value $V$ in dollars after $t$ elapsed years. State the units and meaning of $\text{both}~\text{variables}$, the initial value, the yearly multiplier and percent decrease, $V(1)$, and the contextual restriction on $t$.

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V is dollars and t is elapsed time with no unit; initial value $20,000; multiplier 0.85 per unspecified interval.

V is dollars and t is elapsed years; initial value $20,000; yearly multiplier 0.85; 15% yearly decrease; V(1)=$17,000; t≥0.

V is dollars and t is elapsed years; initial value $20,000; 85% yearly decrease; V(1)=$3,000; t≥0.

V is dollars and t is elapsed years; value after one year $20,000; initial value $20,000/0.85.

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