Android Studio fails to debug with error

Question

Error:Execution failed for task ':app:preDexDebug'
    com.android.ide.common.process.ProcessException: org.gradle.process.internal.ExecException: Process 'command 'C:\Program Files\Java\jdk1.7.0_79\bin\java.exe'' finished with non-zero exit value 1

I am trying to run the app in debug mode but I get the following error:enter image description here enter image description here

apply plugin: 'com.android.application'

android {
    compileSdkVersion 24
    buildToolsVersion "24.0.0"

   defaultConfig {
        applicationId "com.bangloss.boss.myapplication"
        minSdkVersion 10
        targetSdkVersion 24
        versionCode 1
        versionName "1.0"
    }
    buildTypes {
        release {
            minifyEnabled false
            proguardFiles getDefaultProguardFile('proguard-android.txt'), 'proguard-rules.pro'
        }
    }
}

dependencies {
    compile fileTree(dir: 'libs', include: ['*.jar'])
    testCompile 'junit:junit:4.12'
    compile 'com.android.support:appcompat-v7:24.1.1'
    compile 'com.android.support:design:24.1.1'
}