Kirk Van Houten, who has been married for 22 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 $13 comma 407 in 8 years. Kirk currently has $4 comma 700 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring?

Q1- The annual rate of return Kirk must earn on his investment is ? %