Although appealing to more refined tastes, art as a collectible has not always performed so profitably....
Fantastic news! We've Found the answer you've been seeking!
Question:
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 $10,353,500. Unfortunately for the previous owner, he had purchased it in 2009 at a price of $12,615,500. What was his annual rate of return on this sculpture? 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. Assume that in 2015, an auction house sold a statute at auction for a price of $10,353,500. Unfortunately for the previous owner, he had purchased it in 2009 at a price of $12,615,500. What was his annual rate of return on this sculpture? 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 %
Expert Answer:
Posted Date:
Students also viewed these finance questions
-
In preparing the consolidation worksheet for Bolger Corporation and its 60 percent owned subsidiary, Feldman Company, the following elimination entries were proposed by Bolgers bookkeeper: Bolger's...
-
B. Cates, V. Elder, and S. Nguyen have capital balances of $50,000, $40,000, and $32,000, respectively. Their income ratios are 5 : 3 : 2. Nguyen withdraws from the partnership under each of the...
-
What is the theta of an option?
-
An auditor is conducting an examination of the financial statements of a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor keeps its...
-
The annual number of industrial accidents occurring in a particular manufacturing plant is known to follow a Poisson distribution with mean 12. a. What is the probability of observing exactly 12...
-
Read the scenario below and answer the questions that follow. A logistics and mobility solutions company has some positive net present investment opportunities for the coming financial year. The...
-
The 24-hour sulfur dioxide standard not to be exceeded is 140 ppb. What is that standard in micrograms per cubic meter?
-
Carbon tetrachloride is an organic compound known with thechemical formula CCl4. It is also known by many names such as tetrachloromethane by the IUPAC, carbontetrachloride in the cleaning industry,...
-
Explain why selling benefits and features is more effective than only selling features. Use an example to support your explanation relating to the hospitality industry.
-
"Draw a hydraulic circuit diagram that can be used in an industrial application, with at least 4 cylinders, related directional control valves, and/or pressure sequencing/reduction functions...
-
12:23 1 y"+2/x "y'-2/x^2 *y=lnx WolframAlpha Input 2 y'(x) + y (x) - Y(x) = log(x) Euler-Cauchy equation xy" (x) + 2xy'(x) - 2 y(x) = x log(x) ODE classification second-order linear ordinary...
-
Given: nested for loops for m in (0, 10, 20): for n in range(3, 6, 2): print (f'm={m: 2} n={n:2}', m * (n-2)) Re-write the code using nested while loops instead (i.e., replace each for by an...
-
The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Crane Company, a lessee. Commencement date January 1, Annual lease payment due at the beginning of...
-
The pendulum consists of two rods: AB is pin supported at A and swings only in the y-z plane, whereas a bearing at B allows the attached rod BD to spin about rod AB. At a given instant, the rods have...
-
Thornhill Company's income statement shows gross profit of \(\$ 432,000\), cost of goods sold of \(\$ 638,000\), and other expenses totaling \(\$ 390,000\). Compute the amounts of (a) revenue from...
-
Which of the following is not considered in determining contribution to common expenses? a. Income taxes b. Cost of goods sold c. Traceable expenses d. Netsales
-
The manager of which of the following segments of a business is responsible for revenue generation as well as for cost and expense control? a. Cost center b. Accounting department c. Profit center d....
Study smarter with the SolutionInn App