Although appealing to more refined tastes, art as a collectible has not always performedso profitably. During 2003, Sotheby's sold the Edgar Degas bronze sculpture PetiteDanseuse de Quatorze Ans at auction for a price of $10,351,500. Unfortunately for theprevious owner, he had purchased it in 1998 at a price of $12,457,500. What was hisannual rate of return on this sculpture? (A negative answer should be indicated by aminus sign. Do not round intermediate calculations and enter your answer as apercent rounded to 2 decimal places, e.g., 32.16.)Annual rate of return%

Selling Price = s = $10,351,500Purchase Price = p = $12,457,500Time = t = 2003 - 1998 = 5 Years

Answered: Although appealing to more refined…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 41P

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