home work 2

12) Kirk Van Houten, who has been married for 24 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring will be $ 12500 in 6 years. Kirk currently has $ 4531 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? Question content area bottom

Part 1 The annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is____%