We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
10,316,500=12,385,500*(1+r/100)^4
(10,316,500/12,385,500)^(1/4)=(1+r/100)
(1+r/100)=0.955332846
r=0.955332846-1
=-4.47%(Approx)
Although appealing to more refined tastes, art as a collectible has not always performed so profitably....
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