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 $10,320,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,374,500. What was his annual rate of return on this sculpture? Multiple Choice 0 -3.77% 0 -5.01% 0 -3.99% 0 4.44% 4.64%