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Find What was Lance Murdock rate of return

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Lance Murdock purchased a wooden statue of a Conquistador for $8,000 to put in his home office 9 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 $5,400 for it, and so he took a loss on the investment.

Problem 1: What was his rate of return, that? is, the value of i?

Problem 2: What was Lance Murdock's rate of return, that is, the value of i? Enter a negative percentage for a loss.

Reference no: EM132696534

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