Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, a sculpture was sold at auction for a price of $10,305,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,379,500. What was his annual rate of return on this sculpture?

rev: 09_17_2012

-5.06%

-3.81%

4.69%

-4.48%

-4.03%