Although appealing to more refined tastes, art as a collectible has not always performed so...
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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 $10,221,500. Unfortunately for the revious owner, he had purchased it in 1998 at a price of $12,197,500. What was his annual rate of return on this sculpture? (A negative answer should be indicated by a ninus 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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