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You bought a Picasso 11 years ago for $263998 and it is now worth $303721 according to a recent report by a Sotheby's appraisal team.

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You bought a Picasso 11 years ago for $263998 and it is now worth $303721 according to a recent report by a Sotheby's appraisal team. What is the average annual rate of appreciation your painting has experienced each year for the last 11 years (assume the rate has remained constant)? (Round your answer to 2 digits) a. 1,28 b. 0.05 c. 3.64 d. 0.25 e. 2.58

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