(Annuity interest rate)Your folks just called and would like some advice from you. An insurance agent just called them and offered them the opportunity to purchase an annuity for $24,169.95 that will pay them $2,500 per year for 15 years. They don't have the slightest idea what return they would be making on their investment of $24,169.95. What rate of return would they be earning?

The annual rate of return your folks would be earning on their investment is?

(Round to two decimal places.)