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Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, Deutscher-Menzies sold Arkle under the Shower, a painting by renowned Australian painter Brett Whiteley, at auction for a price of $1,100,000. Unfortunately for the previous owner, he had purchased It 3 years earlier at a price of $1,680,000. What was his annual rate of return on this painting? Note: 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. During 2010, Deutscher-Menzies sold Arkle under the Shower, a painting by renowned Australian painter Brett Whiteley, at auction for a price of $1,100,000. Unfortunately for the previous owner, he had purchased It 3 years earlier at a price of $1,680,000. What was his annual rate of return on this painting? Note: 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

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, Deutscher-Menzles sold Arkie under the Shower, a painting by renowned Australian painter Brett Whiteley, at auction for a price of $1,100,000. Unfortunately for the previous owner, he had purchased it 3 years earlier at a price of $1,680,000. What was his annual rate of return on this painting? Note: 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 %
Transcribed Image Text:Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, Deutscher-Menzles sold Arkie under the Shower, a painting by renowned Australian painter Brett Whiteley, at auction for a price of $1,100,000. Unfortunately for the previous owner, he had purchased it 3 years earlier at a price of $1,680,000. What was his annual rate of return on this painting? Note: 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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