Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, Sotheby's sold the Edgar Degas bronze sculpture Petite Danseuse de Quatorze Ans at auction for a price of $10,271,500. Unfortunately for the previous owner, he had purchased it in 2000 at a price of $12,297,500. 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.) Annual rate of return %
Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, Sotheby's sold the Edgar Degas bronze sculpture Petite Danseuse de Quatorze Ans at auction for a price of $10,271,500. Unfortunately for the previous owner, he had purchased it in 2000 at a price of $12,297,500. 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.) Annual rate of return %
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:Although appealing to more refined tastes, art as a collectible has not always performed
so profitably. During 2003, Sotheby's sold the Edgar Degas bronze sculpture Petite
Danseuse de Quatorze Ans at auction for a price of $10,271,500. Unfortunately for the
previous owner, he had purchased it in 2000 at a price of $12,297,500. 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.)
Annual rate of return
%
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