(Related to Checkpoint5.6)(Solving for i ) Lance Murdock purchased a wooden statue of a Conquistador for $...
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Question:
(Related to Checkpoint5.6)(Solving for i) Lance Murdock purchased a wooden statue of a Conquistador for $ 7 comma 100
$7,100 to put in his home office 8
8 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 $4 comma 600
4,600 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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