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During 2022, an auction house sold a painting for a price of $3,470,000. The previous owner had purchased it seven years earlier at a price
During 2022, an auction house sold a painting for a price of $3,470,000. The previous owner had purchased it seven years earlier at a price of $1,750,000. What was his annual rate of return on this painting?
a. -12.56% b. -4.57% c. 3.37% d. 10.27%
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