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Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2015, an auction house sold a painting for

Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2015, an auction house sold a painting for a price of $1,120,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,700,000. What was his annual rate of return on this painting?

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