Fifteen years ago, russell bought his house for $141,000. the house’s property value has decreased by 1.6% per year ever since then. if russell sells his house, how much is it worth, to the nearest hundred dollars? a. $110,700 b. $107,200 c. $67,100 d. $37,900

The formula of compound interest is A = P(1+r%)ⁿ

where P = initial price, r = interest rate, n=number of years and A= new value.
However since the initial cost has been decreasing by 1.6% over the last 15 years, it means that r IS NEGATIVE, and  A = P(1-r%)ⁿ

A= 141,000(1 - 1.6%)¹⁵ = 141,000(0.984)¹⁵ ≈ 110,700 (answer a)