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 $10,321,500. Unfortunately for the previous owner, he had purchased it in 2012at a price of $12,373,500. What was his annual rate of return on this sculpture?

Multiple Choice

-3.99%

4.64%

-4.43%

-5.01%

-3.77%