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In 2017, Leonardo da Vinci's painting Salvator Mundi sold for a record $453.5 million. In 1958, it sold for $141, equivalent in purchasing power to
In 2017, Leonardo da Vinci's painting Salvator Mundi sold for a record $453.5 million. In 1958, it sold for $141, equivalent in purchasing power to about $1,220 at 2017 prices. The painting was originally commissioned by King Louis XII of France in about 3,100. The Wall Street Journal guesstimated that the king may have paid Leonardo the equivalent of $591,000 in 1679. a. What was the annual rate of appreciation in the price of the painting between 1958 and 2017 adjusted for inflation? (Do not round intermediate calculations. Round percentage answer to 2 decimal places.) Annual rate % b. What was the annual estimated rate of appreciation in the price of the painting between 1679 and 2017 adjusted for inflation. (Do not round intermediate calculations. Round percentage answer to 2 decimal places.) Annual estimated rate %
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