Bill plans to retire in 27 years. He currently has saved $300,00 and he believes he will need $1,000,00 at retirement. What annual interest rate must Bill earn to reach his goal assuming he does not save any additional funds between now and retirement?

a. 4.56%

b. 8.64%

c. 2.59%

d. 30.00%

e. 1.11%