Determine the real rate of return that the whitney family


In 1990, Mrs. John Hay Whitney sold her painting by Renoir, Au Moulin c/e la Galette, depicting an open-air Parisian dance hall, for $71 million. The buyer also had to pay the auction house commission of 10% or a total of $78.1 million. The Whitney family had purchased the painting in 1929 for $165,000. Determine the real rate of return that the Whitney family received if the inflation rate is 3.5%.

Request for Solution File

Ask an Expert for Answer!!
Financial Management: Determine the real rate of return that the whitney family
Reference No:- TGS02405142

Expected delivery within 24 Hours