Rasters projected on-the-fly disappear when the data frame is rotated

Description

When a raster layer is projected on-the-fly in ArcMap, and the data frame is rotated, the raster layer disappears.

Cause

Double transformations applied to a raster.

Solution or Workaround

1. Project the raster to the projection system of the data frame.
2. Add this projected raster to the data frame.
3. Rotate the data frame.