Problem $4-8$ Calculating Rates of Return

Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During $2021,$ an auction house sold a painting at auction for a price of $$1,030,000.$ Unfortunately for the previous owner, he had purchased it three years earlier at a price of $$1,610,000.$ What was his annual rate of return on this painting? $($A negative value should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$