(Annuity interestrate)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 $23,857.20 that will pay them $3,000 per year for 15 years. Theydon't have the slightest idea what return they would be making on their investment of $23,857.20.

What rate of return would they beearning?

Round to Two Decimal Places