Examine what was annual rate of return on the sculpture

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Question: Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, an auction house sold a sculpture at auction for a price of $10,391,500. Unfortunately for the previous owner, he had purchased it in 2000 at a price of $12,537,500.

What was his annual rate of return on this sculpture? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Reference no: EM131932968

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