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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 Quartorze Ans at auction for a price of $10,311,500. Unfortunately for previous owner, he had purchased it in 1999 at the price of $12,377,500. What was his annual rate of return on this sculpture?

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