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 $10,316,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,370,500. What was his annual rate of return on this sculpture?

rev: 09_17_2012

A -3.77%

B -3.99%

C 4.64%

D -5.01%

E -4.44%