Lance Murdock purchased a wooden statue of a Conquistador for

$ 7,800

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

$5,200

for it, and so he took a loss on the investment. What was his rate of return, that is, the value of

i?