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7. eBook 8 9. Your parents will retire in 16 years. They currently have $400,000 saved, and they think they will need $1,400,000 at retirement.

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7. eBook 8 9. Your parents will retire in 16 years. They currently have $400,000 saved, and they think they will need $1,400,000 at retirement. What annual o interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places, % 10

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