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 $10,320,500. Unfortunately for the previous owner, he had purchased it in 2012 at a price of $12,369,500. What was his annual rate of return on this sculpture?

a) -5.00%

b) 4.63%

c) -4.43%

d) -3.98%

e) -3.76%