Wooden statue of conquistador

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Reference no: EM132020276

Lance Murdock purchased a wooden statue of a Conquistador for $7,900 to put in his home office 6 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 ?$5,500 for it, and so he took a loss on the investment. What was his rate of return, that is, the value of i.

What was Lance Murdock's rate of return, that is, the value of i. Enter negative percentage for a loss. _____% (Round to two decimal places.)

Reference no: EM132020276

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