In 1982, Marc Chagalls Orphee sold for $120,000. In 2001, approximately 20 years later, it sold for

Question:

In 1982, Marc Chagall’s Orphee sold for $120,000. In 2001, approximately 20 years later, it sold for $500,000. If the commission on the sale was 10 percent, what was the annual rate of growth in the value of Chagall’s piece? The Mei/ Moses American Fine Art Price Index rose from its base of 100 in 1941 to approximately 1100 in 2000 (approximately 60 years). What was the annualized rate of growth in the index?