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 $10,500 in 6 years. Kirk currently has $4,554 to invest.

What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? (round to two decimal places)