Lance Murdock

Lance Murdock purchased a wooden statue of a Conquistador for $7,400 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 ​4,500 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 a negative percentage for a loss.

​__% ​ (Round to two decimal​ places.)

 

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