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+\documentclass{article}
+\begin{document}
+\noindent
+The total number of permutations of $n$ elements taken $m$ at a time
+(symbol $V_n^m$) is
+\vspace{-0.5ex}
+\[ V_n^m = \prod_{i=0}^{m-1}(n-i) =
+ \underbrace{n(n-1)(n-2)\ldots(n-m+1)}_{\mbox{total of $m$ factors}} =
+ \frac{n!}{(n-m)!} \]
+\end{document}
+