Of all the types of investments Henry could have chosen, he decided to try real estate because, according to Henry, "as everyone knows, real estatenever goes down". Yea, right. Last year he bought an apartment house in Camden, N.J. (Of all the places ...) Paid $400,000. One year later he decided to sell - for $360,000. OK during the year he did collect rent of $12,000 but that was more than offset by the $20,000 he had to pay to replace the roof (assume no other income or expenses). Given this data, what was the rate of return on this dog of an investment? (Hint: this is NOT a time value problem).

*show work pleease, thnks!