C3 fox Although appealing to more refined tastes, art as a collectible has not always A B E G H 2 3 Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2003, Sotheby's sold the Edgar Degas bronze sculpture Petite Danseuse de Quatorze Ans at auction for a price of $10,311,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,377,500. What was his annual rate of return on this sculpture? 4 5 6 7 Beginning year Ending year Present value Future value 1999 2003 $ 12,377,500 $ 10,311,500 8 9 10 11 12 Complete the following analysis. Do not hard code values in your calculations. 13 Annual interest rate 14 15 16