Answer to Question #23585 in Algebra for Jaweria B Ali

Question

Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, a sculpture was sold at auction for a price of $10,309,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,382,500. What was his annual rate of return on this sculpture?