What was his rate of return

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Reference no: EM131972440

Seven years ago, Lance Murdock purchased a wooden statue of a Conquistador for $7700 to put in his home office. Lance has recently married, and his home office is being converted into a sewing room. His new wife, who has far better taste than Lance, thinks the Conquistador is hideous and must go immediately. Lance decided to sell it 5071.89 on eBay and only receivedfor it, and so he takes a loss on the investment. What was his rate of return, that is, the value of ii ?

Reference no: EM131972440

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