Average velocity ($\bar{V}$) is defined as the total displacement of an object divided by the total time interval during which the displacement occurred.
Displacement is the change in position of an object, and it is a vector quantity.
The time interval ($\Delta t$) is the difference between the final time ($t_2$) and the initial time ($t_1$).
The formula for average velocity is:
$ \bar{V} = \frac{\text{Displacement}}{\text{Time Interval}} $
Using the notation provided in the options:
Substituting these into the formula gives:
$ \bar{V} = \frac{d}{t_2 - t_1} $
This matches Option 1.
Option 4 ($\frac{S}{\Delta t}$) is also a valid representation where 'S' might represent displacement or distance and '$\Delta t$' is the time interval, but Option 1 specifically uses the variables corresponding to the provided correct answer.