Question
Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, an auction house sold a painting, at
| Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, an auction house sold a painting, at auction for a price of $1,130,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,710,000. |
What was his annual rate of return on this painting? |
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Financial Management for Public, Health and Not-for-Profit Organizations
Authors: Steven A. Finkler, Daniel L. Smith, Thad D. Calabrese, Robert M. Purtell
5th edition
1506326846, 9781506326863, 1506326862, 978-1506326849
