2006 Gauss 8 Problem 14

In a sequence of numbers, the first term is 500. Each new term is determined by dividing the previous term by 2 and then adding 10. For example, the second term is 260. What is the fourth term in the sequence?

\textbf{(A)}\ 75\quad \textbf{(B)}\ 65\quad \textbf{(C)}\ 70\quad \textbf{(D)}\ 60\quad \textbf{(E)}\ 80

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Full credit to this problem is given to the CEMC, you may view all Gauss contests here.