Taylor's tool life equation is a widely used empirical formula in machining that relates the cutting speed (V), tool life (T), and a constant (C). The general form of the equation is:
\[
VT^n = C
\]
Where:
- $V$ is the cutting speed in m/min.
- $T$ is the tool life in minutes.
- $n$ is the exponent (a constant based on the material and cutting conditions).
- $C$ is the constant that depends on the material and conditions.
The equation indicates that the product of the cutting speed and the tool life raised to the power $n$ remains constant for a given material and cutting condition.
Thus, the correct answer is option (2), $VT^n = C$.