Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2016, a sculpture was sold at auction for a price of $10,305,500. Unfortunately for the previous owner, he had purchased it in 2012 at a price of $12,382,500. What was his annual rate of return on this sculpture? Multiple Choice -5.07% -3.81% -4.49% -4.04% 4.70%