(Related to Checkpoint 5.6)(Solving for

i)

Lance Murdock purchased a wooden statue of a Conquistador for

$ 7 comma 700$7,700

to put in his home office

77

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

$4 comma 8004,800

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

i?

What was Lance Murdock's rate of return, that is, the value of

i?

Enter a negative percentage for a loss.

nothing%

(Round to two decimal places.)