QUESTION 13

1. Assume a bronze sculpture sold in 2003 at auction for a price of $10,332,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,380,500.

   Required:

   What was his annual rate of return on this sculpture?(Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations.Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places (e.g., 32.16).)