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Check my work C. D. Rom has just given an insurance company $48,500. In return, he will receive an annuity of $7,000 for 20 years.

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Check my work C. D. Rom has just given an insurance company $48,500. In return, he will receive an annuity of $7,000 for 20 years. At what rate of return must the insurance company invest this $48,500 in order to make the annual payments? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) 10 points Rate of return % eBook Hint Print References

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