Lance Murdock purchased a wooden statue of a Conquistador for $ 8,000 to put in his home office 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 $ 5.400 for it and so he took a loss on the investment What was his rate of return that is the value of r?
What was Lance Murdock's rate of return, that Is. the value of r?
Enter a negative percentage for a loss. % (Round to two decimal places.)