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 $10,304,500. Unfortunately for the previous owner, he had purchased it in 2012 at a price of $12,383,500. What was his annual rate of return on this sculpture?

Multiple Choice

• 4.70%

• -4.04%

• -3.82%

• -5.07%

• -4.49%