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Problem 5-3 Finding the required interest rate Your parents will retire in 21 years. They currently have $310,000 saved, and they think they will need

Problem 5-3 Finding the required interest rate

Your parents will retire in 21 years. They currently have $310,000 saved, and they think they will need $1,050,000 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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