The equation \( v(t) = 700(0.76)^t \) represents an exponential decay model for the value of the cell phone over time. The initial value is $700, and the value decreases at a rate of 24% each year.
In an exponential decay function, as \( t \) (the time in years) increases, the value \( v(t) \) decreases. Specifically, the decrease in value is rapid initially and then slows down over time. This is due to the nature of exponential functions, where the quantity decreases by a fixed percentage rather than a fixed amount.
Thus, the correct interpretation of the graph of the equation is:
As t increases, v decreases quickly at first and then slowly.