1. **State the problem:** We want to model the depreciation of a new SUV's value over 20 years, where the value decreases by 15% each year. 2. **Formula used:** The value after $t$ years, $V(t)$, can be modeled by exponential decay: $$V(t) = V_0 \times (1 - r)^t$$ where $V_0$ is the initial value, $r$ is the depreciation rate (15% or 0.15), and $t$ is the number of years. 3. **Apply the values:** Here, $r = 0.15$, so the decay factor is $1 - 0.15 = 0.85$. Thus, $$V(t) = V_0 \times 0.85^t$$ 4. **Interpretation:** Each year, the SUV retains 85% of its value from the previous year, resulting in an exponential decay curve. 5. **Graph description:** The graph plots $V(t)$ against $t$ for $t$ from 0 to 20 years, starting at $V_0$ when $t=0$ and decreasing exponentially. Final answer: $$V(t) = V_0 \times 0.85^t$$