What was his rate of return that is the value of i

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Reference no: EM131967748

Lance Murdock purchased a wooden statue of a Conquistador for $8,000 to put in his home office 8 years ago. 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 on e-Bay and only received $4,600 for it,and so he took a loss on the investment. What was his rate of return, that is, the value of i ?

Reference no: EM131967748

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