Question

Paul Signac (1863-1935) is a famous "pointillist" who paints with dots and dashes, rather than with longer brushstrokes. In February 2012 his painting La Corne d'Or (Constantinople) (1907) - depicted below - was purchased at a Christie's auction in London for 8,777,250 GBP. The buyer then sold the painting, 93 months later, at a November 2019 Sotheby's auction in New York for $16,210,000. Given that the exchange rate was 0.63056 $/GPB in February 2012, what effective annual rate of return (EAR) was earned on this painting?

Enter rate in decimal form, rounded to the 4th digit, as in "0.1234"

Answer 1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

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