The equation V(t) = 12,000(0.75)^t represents the value of a motorcycle
t years after it was purchased. Which statement is true?

(1) The motorcycle cost $9000 when purchased.

(2) The motorcycle cost $12,000 when purchased.

(3) The motorcycle's value is decreasing at a rate of 75% each year.

(4) The motorcycle's value is decreasing at a rate of 0.25% each year.