10. Lance Murdock purchased a wooden statue of a Conquistador for $7,500 to put
ID: 2776670 • Letter: 1
Question
10. Lance Murdock purchased a wooden statue of a Conquistador for $7,500 to put in his home office 6 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 $5,200 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. ____ %( Round to two decimal places)
11. If you are offered $340,000 in 15 years and you can earn 13 percent on your money, what is the present value of $340,000? $_______ (Round to the nearest cent)
Explanation / Answer
10. - 30.67% loss
11. $340000 * 0.1599= $54366.
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