What was his annual rate of return on this sculpture

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Reference no: EM131222651

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 $10,351,500. Unfortunately for the previous owner, he had purchased it in 1998 at a price of $12,457,500. What was his annual rate of return on this sculpture?

Reference no: EM131222651

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