Although appealing to more refined tastes, art as a collectible has not always performed so profitably. Assume that in 2015, an auction house sold a statute at auction for a price of $10,332,500. Unfortunately for the previous owner, he had purchased it in 2008 at a price of $12,585,000. What was his annual rate of return on this sculpture? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Rate of return

Although appealing to more refined tastes, art as a collectible has not always performed so profitably. Assume that in 2015, an auction house sold a statute at auction for a price of $10,332,500. Unfortunately for the previous owner, he had purchased it in 2008 at a price of $12,585,000. What was his annual rate of return on this sculpture? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Rate of return

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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9. Find the annual rate of return

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Although appealing to more refined tastes, art as a collectible has not always performed
so profitably. Assume that in 2015, an auction house sold a statute at auction for a price
of $10,332,500. Unfortunately for the previous owner, he had purchased it in 2008 at a
price of $12,585,000.
What was his annual rate of return on this sculpture? (A negative answer should be
indicated by a minus sign. Do not round intermediate calculations and enter your
answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Rate of return
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