We can call the original value x. In 2012, the painting's value was 1.05 x. In the beginning of 2013, the value was (1.05 x) * 0.98, and that increased to (1.05x) * 0.98 * 1.40 at the end of 2013. When we simplify, we get 1.4406 x as a value, and we know that this is equal to $52,640. We can write 1.4406x = 52640, and when we solve for x, we get x ≈ $36415.38. Hope this helps!
