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 $10,319,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,373,500. What was his annual rate of return on this sculpture?

Multiple Choice

-3.99%

4.64%

-4.44%

-5.01%

-3.77%