Please help!

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 in dollars and t is the age of the car in years.

What is the meaning of the number 0.93 in the equation?

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

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

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

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