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Calculating annual rate of return on the sculpture

Response to the following problem:

Calculating Rates of Return

On 8 February 2009 John Madejski, chairman of Reading Football Club, sold the Edgar Degas bronze sculpture Petite Danseuse de Quatorze Ans at auction for a world record price of £13.3 million. He bought the statue in 2004 for £5 million. What was his annual rate of return on this sculpture?

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Financial Accounting: Calculating annual rate of return on the sculpture

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Financial Accounting: Calculating annual rate of return on the sculpture

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