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Lance Murdock purchased a wooden statue of a Conquistador for $7,800 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 ?$5,200 for? it, and so he took a loss on the investment.
Question 1: What was his rate of? return, that? is, the value of i??
Question 2: What was Lance? Murdock's rate of? return, that? is, the value of i?? Enter a negative percentage for a loss.
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