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.
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