Problem 4-8 Calculating Rates of Return

Although appealing to more refined tastes, art as a collectible has not always performed so profitably. In 2010, an auction house sold a painting at auction for a price of $1,020,000. Unfortunately for the previous owner, he had purchased it three years earlier at a price of $1,600,000. What was his annual rate of return on this painting? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. A negative answer should be indicated by a minus sign.) Annual rate of return %