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tform.virdocs.com/read/1820991/22/4/4/2/24/4/56/26/2,/11:121//11:121 elf. eReader Calculating Rates of Return [LO3] Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During
tform.virdocs.com/read/1820991/22/4/4/2/24/4/56/26/2,/11:121//11:121\ elf. eReader\ Calculating Rates of Return [LO3] Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, Sotheby's sold the Edgar Degas bronze sculpture Petite Danseuse de Quatorze Ans at auction for a price of
$10,311,500
. Unfortunately for the previous owner, he had purchased it in 1999 at a price of
$12,377,500
. What was his annual rate of return on this sculpture?
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