9. 14.

Calculating rates of return [LO 5.3] Although appealing to more refined tastes, art as a collectable has not always performed so profitably. During 2003, Sotheby’s sold the Edgar Degas bronze sculpture Petite Danseuse de Quatorze Ans at auction for a price of

$10 311 500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12 377 500. What was his annual rate of return on this sculpture?