Problem 5-14 Calculating Rates of Return [LO3] 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 $10,411.500. Unfortunately for the previous owner, he had purchased it in 1998 at a price of $12,577,500. 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.) 4 Annual rate of return %
Problem 5-14 Calculating Rates of Return [LO3] 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 $10,411.500. Unfortunately for the previous owner, he had purchased it in 1998 at a price of $12,577,500. 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.) 4 Annual rate of return %
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
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![Problem 5-14 Calculating Rates of Return [LO3]
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 $10,411.500. Unfortunately for the
previous owner, he had purchased it in 1998 at a price of $12,577,500. 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.)
4
Annual rate of return
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F24c70c92-e168-4a86-8a02-2d7132ecd950%2F46eb43d6-3116-42a8-90b5-12997968e0ed%2F2fuecyo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 5-14 Calculating Rates of Return [LO3]
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 $10,411.500. Unfortunately for the
previous owner, he had purchased it in 1998 at a price of $12,577,500. 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.)
4
Annual rate of return
%
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