A rare baseball card that was purchased increases in value over time. The function C(t) is represented on the following graph, where C represents the value of the card, and t is time in years since the card was purchased. What is the initial value, and what does it represent?

Select the statement that answers both parts of the question correctly.

The initial value is 0 and it represents the lowest value of the card.

The initial value is 10 and it represents the amount of time it takes for the card to increase in value.

The initial value is 12,000 and it represents the price of the baseball card at the time of purchase.

The initial value is 12,000 and it represents the price of the card when it was new.