Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2021, an auction house sold a painting at auction for a price of $1,060,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,640,000. What was his annual rate of return on this painting? (A negative value should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2021, an auction house sold a painting at auction for a price of $1,060,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,640,000. What was his annual rate of return on this painting? (A negative value should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations
Section: Chapter Questions
Problem 28P: LO.1 Anne sold her home for 290,000 in 2019. Selling expenses were 17,400. She purchased it in 2013...
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Problem 4-8 Calculating Rates of Return
Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2021, an auction house sold a painting at auction for a price of $1,060,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,640,000. What was his annual rate of return on this painting? (A negative value should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
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