Lance Murdock purchased a wooden statue of a Conquistador for $ 7 comma 900 $7,900 to put
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Question:
Lance Murdock purchased a wooden statue of a Conquistador for $ 7 comma 900
$7,900 to put in his home office 7
7 years ago. Lance has recentlymarried, and his home office is being converted into a sewing room. His newwife, who has far better taste thanLance, thinks the Conquistador is hideous and must go immediately. Lance decided to sell it one-Bay and only received $5 comma 100
5,100 forit, and so he took a loss on the investment. What was his rate ofreturn, thatis, the value of i?
What was LanceMurdock's rate ofreturn, thatis, the value of i? Enter a negative percentage for a loss.
nothing
% (Round to two decimalplaces.)
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