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Problem $5-14$ Calculating Rates of Return $[$LO$3]$

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 $$10,231,500.$ Unfortunately for the previous owner, he had purchased it in $1999$ at a price of $$12,217,500.$ What was his annual rate of return on this sculpture? $($A negative answer 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$.,32\mathrm{.}16.)$

Annual rate of return

$\%$