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Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2016, a sculpture was sold at auction for

Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2016, a sculpture was sold at auction for a price of $10,314,500. Unfortunately for the previous owner, he had purchased it in 2012 at a price of $12,377,500. What was his annual rate of return on this sculpture?

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