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?

Calculating Rates of Return [L03] 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