Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, an auction house sold a sculpture at auction for a price of $10,331,500. Unfortunately for the previous owner, he had purchased it in 2000 at a price of $12,417,500.

What was his annual rate of return on this sculpture? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e. g., 32.16.)

-5.95%

Explanation:

A = P(1+r)^n

A is the auction price at which the sculpture was sold = $10,331,500

P is the price the sculpture was purchased = $12,417,500

n is the time interval between the year of sales and year of purchase

10,331,500 = 12,417,500(1+r)^3

(1+r)^3 = 10,331,500/12,417,500

(1+r)^3 = 0.832

1+r = (0.832)^1/3

1+r = 0.9405

r = 0.9405 - 1 = -0.0595 = -5.95%

the answer to this question would be shared investment

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!