Question: Problem 4 - 1 5 Calculating Rates of Return [ lO 3 ] Although appealing to more refined tastes, art as a collectible has not

Problem 4-15 Calculating Rates of Return [lO 3]
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 $10,605,500. Unfortunately for the previous owner, he had purchased it in 2009 at a price
of $12,643,500. 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
Problem 4-15 Calculating Rates of Return [lO 3] Although appealing to

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