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 $10,308,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,379,500. What was his annual rate of return on this sculpture?

-4.47%

-5.06%

-3.80%

4.68%

-4.03%