The equation yˆ=3.5x−4.7 models a business's cash value, in thousands of dollars, x years after the business changed its name. Which statement best explains what the y-intercept of the equation means?

The business lost $4700 every year before it changed names.

The business lost $4700 every year after it changed names.

The business lost $4700 every 3.5 years.

The business was $4700 in debt when the business changed names.