The graph of the equation \( v(t) = 700(0.76)^t \) represents an exponential decay function, indicating that the value of the cell phone decreases over time. Since the cell phone loses 24% of its value each year, it retains 76% of its value from the previous year.
In the context of the given options, the appropriate interpretation of the graph is:
As t increases, v decreases quickly at first and then slowly.
This statement correctly describes how the value of the cell phone drops more significantly in the earlier years and then levels off, decreasing at a slower rate over time.