Question: Problem-2: Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, an auction house sold a painting,

Problem-2: Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, an auction house sold a painting, at auction for a price of $1,010,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,590,000.

What was his annual rate of return on this painting?

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