cman8228
11.01.2020 •
Mathematics
Lance murdock purchased a wooden statue of a conquistador for $7,500 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 ebay and only received $4,600 for it, and so he took a loss on the investment. what was his rate of return, that is, the value of i? show work so that i understand how the calculations were done.
Solved
Show answers
More tips
- W Work and Career Secrets of Punctuality: How to Learn to Never Be Late?...
- L Leisure and Entertainment How to Choose the Perfect Gift for Men on February 23rd?...
- H Health and Medicine How to Treat Whooping Cough in Children?...
- H Health and Medicine Simple Ways to Lower Cholesterol in the Blood: Tips and Tricks...
- O Other How to Choose the Best Answer to Your Question on The Grand Question ?...
- L Leisure and Entertainment History of International Women s Day: When Did the Celebration of March 8th Begin?...
- S Style and Beauty Intimate Haircut: The Reasons, Popularity, and Risks...
- A Art and Culture When Will Eurovision 2011 Take Place?...
- S Style and Beauty How to Choose the Perfect Hair Straightener?...
- F Family and Home Why Having Pets at Home is Good for Your Health...
Answers on questions: Mathematics
- M Mathematics Convert 25/18 to a decimal using long division. a) 0.72 b) 1.38 c) 1.72 d) 2.1...
- M Mathematics Iam thinking of a number such that 6 less than the product of 7 and this number is 85 which number is she thinking of...
- M Mathematics Two similar triangles are shown axyz was dilated, then to create aqag. translated o reflected dilated rotated...
- S SAT Physical models stimulate actual processes true or false...
- M Mathematics How do you Write a problem in Standard Form?...
- M Mathematics 1plus 1 equal two ! i’m just trying to log into my account lol...
Ответ:
- 5.9%
Step-by-step explanation:
Data provided in the question :
Future value of the amount invested = $4,600
Principle i.e amount of purchase = $7,500
Time, n = 8 years
Now,
let the interest rate be 'i'
using compounding
$4,600 = $7,500 × (1 + i)⁸
or
0.613 = (1 + i)⁸
or
1 + i = 0.941
or
i = -0.059
or
interest rate = - 5.9%
Here negative sign means loss
Ответ: