Seven years ago, Lance Murdock purchased a wooden statue of a Conquistador for $7,400 to put in his home office. 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 eBay and only received $4,805.89 for it, and 50 he takes a loss on the investment. What was his rate of return, that is, the value of Click the table icon to view the PVIF table Lance's rate of return was 6. (Round to two decimal places.)