(Solving for i) Lance Murdock purchased a wooden statue of a Conquistador for $7,000 to put in his home office 8 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 $4,700 for it, and so he took a loss on the investment. What was his rate of return, that is, the value of i?