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

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
John Elton painting Petite Danseuse at auction for a price of $10,301,500. Unfortunately for the previous owner, he had purchased it in
2000 at a price of $12,357,500. 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.
Annual rate of return
Problem 5-14 Calculating Rates of Return [LO3] Although appealing to more

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