Number of periods although appealing to more refined tastes

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Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, a sculpture was sold at auction for a price of $10,304,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,383,500. What was his annual rate of return on this sculpture?

Reference no: EM13482727

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