What was his annual rate of return on this painting

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1. River City Amusements, Inc. has revenues of $867,030, operating expenses excluding depreciation of $356,240, depreciation expense of $103,456, and interest expense of $52,423. What was the net income if the tax rate was 45%?

2. Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2015, an auction house sold a painting for a price of $1,030,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,610,000.

What was his annual rate of return on this painting?

Reference no: EM131817772

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