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 John Elton

painting Petite Danseuse 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?

Note: 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

$\%$