The function p(t) represents the value of a new car t years after it was manufactured.
p(t)=24,525(0.94)^t
What does the value 0.94 represent in this situation?
The value of the car increases by 94% each year.
The value of the car decreases by 94% each year.
The value of the car is 0.94 times the value of the car the previous year.
The initial value of the car is 0.94.