3Calculate the future value if present value (PV) = $1,587, interest rate (r) = 12.9% and number of years (t) = 17 4.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 $9.88 million. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $13.31 million. 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., 32.16.)