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Interest Rate on a Single Payment Your parents will retire in 18 years. They currently have $230,000, and they think they will need $1 million

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Interest Rate on a Single Payment Your parents will retire in 18 years. They currently have $230,000, and they think they will need $1 million at retirement. What an interest rate must they can to reach theo assuming they don't save any additional funds? Do not round intermediate calculations. Round your answer to two decimal places

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