Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, Deutscher Menzies sold Arkies under the Shower, a painting by renowned Australian painter Brett Whiteley, at auction for a price of $1,190,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,770,000 What was his annual rate of return on this painting? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Negative amounts should be indicated by a minus sign.) Annual rate of return %