Interest Rate on a Single Payment Your parents will retire in 16 years. They currently have $230,000, and they think they will need $1 million at retirement. must they earn to reach their goal, assuming they don't save any additional funds? Do not round intermediate calculations. two decimal places. % What annual interest Round your answer rate to two decimal places.

Interest Rate on a Single Payment Your parents wilr retire in 16 years. They currently have $230,000, and they think they will need $1 million at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save amy additional funds? Do not round intermediate calculations, Round your answer to two decimal places