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 $10,311,500. Unfortunately for the previous owner, he had purchased it in 2012 at a price of $12,374,500. What was his annual rate of return on this sculpture? Multiple Choice O 4.66% -3.79% O -4.46% O -4.01% O -5.04%