The value of a car can be represented by the equation V = 16,000(0.93)t, where V is the value of the car and t is the age of the car in years. What is the meaning of the number 0.93 in the equation?

As the age of the car increases by 1 year, the value of the car decreases by $ 93.

As the age of the car increases by 1 year, the value of the car decreases by 7%.

As the age of the car increases by 1 year, the value of the car decreases by $ 7.

As the age of the car increases by 1 year, the value of the car decreases by 93%.