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Related to Checkpoint

{Related to Checkpoint 5.6} (Solving for i} Lance Murdock purchased a wooden statue of a Conquistador for $7,600 to put in his home office 7 years ago. Lance has recently marriedr 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—Ba}.r and only received $4,800 for itr and so he took a loss on the investment. What was his late of return, that
is, the value of i“? What was Lance Murdock‘s rate 01 return, that is, the value of f? Enter a negative percentage for a loss. % (Round to two decimal places.)

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