What was annual rate of return on the painting

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Question: Calculating Rates of Return Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, Deutscher-Menzies sold Arkie under the Shower, a painting by renowned Australian painter Brett Whiteley, at auction for a price of $1, 100,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1, 680,000. What was his annual rate of return on this painting?

Reference no: EM131953135

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