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our parents will retire in 2 4 years. They currently have $ 2 8 0 , 0 0 0 saved, and they think they will

our parents will retire in

24

years. They currently have $

280, 000

saved, and they think they will need $

2, 000, 000

at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.

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