1953 AHSME Problem 19

In the expression xy^2, the values of x and y are each decreased 25 %; the value of the expression is:

\begin{array}{l} \textbf{(A)}\ \text{decreased } 50\% \qquad \textbf{(B)}\ \text{decreased }75\%\\ \textbf{(C)}\ \text{decreased }\frac{37}{64}\text{ of its value}\qquad \textbf{(D)}\ \text{decreased }\frac{27}{64}\text{ of its value}\\ \textbf{(E)}\ \text{none of these} \end{array}

Full credit goes to MAA for authoring these problems. These problems were taken on the AOPS website.