Reference no: EM133033547

Although appealing to more refined tastes, art as a collectible has not always performed so profitably. In 2010, an auction house sold a painting at auction for a price of $1,060,000. Unfortunately for the previous owner, he had purchased it three years 11.11 earlier at a price of $1,640,000. What was his annual rate of return on this painting? (A points negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. )