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Calculating rate of return

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Calculating rate of return:

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 suction for a price of $10,311,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,377,500. What was his annual rate of return of this sculpture?

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Reference no: EM131532305

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