Pablo Picasso's 1905 portrait Boy with a Pipe sold for $104.2 million in an auction at Sotheby's Holdings, Inc., on June 24, 2004, shattering the existing record for art and ushering in a new era in pricing for 20th-century paintings. The Picasso, sold by the philanthropic Greentree Foundation, cost Mr. Whitney about $30,000 in 1950. Determine the annual rate of appreciation of the artwork over 54 years.