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 $10,563,500. Unfortunately for the previous owner, he had purchased it in 2011 at a price of $12,605,500. 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.) 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 $10,563,500. Unfortunately for the previous owner, he had purchased it in 2011 at a price of $12,605,500. 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.) 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
Problem 1PS
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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 $10,563,500. Unfortunately for the previous owner, he had purchased it in 2011 at a
price of $12,605,500.
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.)
Rate of return
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F50c4a886-3e07-4312-95fc-3240a8ded880%2F590c00b0-1192-4400-a878-7bffaba990f8%2Far0q53t_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $10,563,500. Unfortunately for the previous owner, he had purchased it in 2011 at a
price of $12,605,500.
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.)
Rate of return
%
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