A discount bond involves A. no payment of principal by the borrower to the lender. B. payment of interest by the borrower to the lender every six months during the life of the loan. C. interest payments from the borrower to the lender periodically during the life of the loan. D. payment by the borrower to the lender of the face value of the loan at maturity.

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 $10,211,500. unfortunately for the previous owner, he had purchased it in 2000 at a price of $12,177,500. what was his annual rate of return on this sculpture? (a negative answer should be indicated by a minus sign. do not round intermediate calculations and enter your answer as