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 $10,309,500. Unfortunately for the previous owner, he had purchased it in 2012 at a price of $12,374,500. What was his annual rate of return on this sculpture?

-4.02%

-4.46%

-5.04%

4.67%

-3.79%