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What was annual rate of return on the painting

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Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2019, an auction house sold a painting, at auction for a price of $1,170,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,750,000.

Problem 1: What was his annual rate of return on this painting?

Reference no: EM132907763

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