LO3 15. Calculating Rates of Return Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, Deutscher-Menzies sold Arkie under the Shower, a painting by renowned Australian painter Brett Whiteley, at auction for a price of $1,100,000. Unfortunately for the previous owner, he had purchased it 3 years earlier at a price of $1,680,000. What was his annual rate of return on this painting? LO1 19. Calculating Future Values You are scheduled to receive $10,000 in 2 years. When you receive it, you will invest it for six more years at 7.5 percent per year. How much will you have in eight years? LO2 25. Calculating Present Values You have decided that you want to be a millionaire when you retire in 45 years. If you can earn an annual return of 11.4 percent, how much do you have to invest today? What if you can earn 5.7 percent