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What was his rate of return

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Question - Lance Murdock purchased a wooden statue of a Conquistador for $7,100 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 $5,400 for it, and so he took a loss on the investment. What was his rate of return, that is, the value of i?

Reference no: EM132829143

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