# w5 10/12 (Related to Checkpoint5.6) (Solving for i ) Lance Murdock...

w5 10/12

**(Related to Checkpoint 5.6) ****(Solving for i) **Lance Murdock purchased a wooden statue of a Conquistador for $ 7 comma 900

$7,900 to put in his home office 9

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 $4 comma 700

4,700 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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