(Solving for i) Lance Murdock purchased a wooden statue of a Conquistador for $7,800 to put in his home office 7 years ago. Lance has recentlymarried, and his home office is being converted into a sewing room. His newwife, who has far better taste thanLance, thinks the Conquistador is hideous and must go immediately. Lance decided to sell it one-Bay and only received $5,200 forit, and so he took a loss on the investment. What was his rate ofreturn, thatis, the value of i?